G-20 Should Restart Financial Oversight Reform, IIF Says

The Group of 20 economies should renew efforts to create a more uniform global system of financial oversight and increase policy cooperation, the Institute of International Finance said.

“Regulatory fragmentation and lack of policy coordination threaten to add considerable headwinds to a global economic recovery that is still struggling to gain traction,” IIF President and Chief Executive Officer Tim Adams wrote in a letter today to officials attending the spring meetings of the International Monetary Fund and World Bank this week in Washington.

The International Monetary and Financial Committee, a panel that advises the IMF’s board of governors, “should re-engage members -- especially major countries -- in economic policy coordination, moving forward from the complex mutual assessment process to a more direct commitment by major economies to coordinate their policies for their benefits as well as those of the global economy,” Adams said in the letter.

The Washington-based IIF represents international financial companies, with a board of directors that includes executives from banks including HSBC Holdings Plc, Goldman Sachs Group Inc. and Deutsche Bank AG.

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