G-7 finance heads release follow-up to April 2008 FSF paper
WASHINGTON, DC – Following its meeting in Washington, DC over the weekend, the Financial Stability Forum (FSF), made up of finance ministers and central bankers from the G-7 countries, has released a follow-up to its April 2008 recommendations for financial stability.
The report assesses the implementation of the FSF’s earlier Report on enhancing market and institutional resilience, and confirms that work on reforms across the G-7 has progressed consistently. The new paper includes sections on progress on liquidity risk, changes to capital levels, the reform of credit ratings, increased transparency and operational infrastructure for over-the-counter derivatives.
The paper says: “The guiding principle of this work is to recreate a financial system that operates with less leverage, is immune to the set of misaligned incentives at the root of this crisis, where prudential and regulatory oversight is strengthened, and where transparency allows better identification and management of risks.”
The document may be downloaded from the link included below.
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