Greenspan says international rules reflect cultural differences

WASHINGTON – Efforts to synchronise individual countries' regulatory systems are far more than a technical exercise – they largely reflect differing conventions of business behaviour, especially attitudes toward competition, US Federal Reserve Board chairman Alan Greenspan said in November.

The differences are more cultural than economic, Greenspan said in remarks on international financial risk management to a Washington meeting of the Council on Foreign Relations, the independent US foreign policy think-tank.

He said improvements in domestic bank supervision and regulation, continued co-operation among financial authorities and, if necessary, central banks acting as lenders of last resort can contain the inevitable rise in potential systemic risks posed by the inexorable

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