Europe & International: the agenda for financial services
The financial crisis has shown how interconnected global financial systems and economies are and demonstrated the need for greater international cooperation. The international agenda seeks to develop a framework that supports the growth of a stable, sustainable and competitive financial services industry. Vital areas of debate such as improving banks’ resilience and capital, without damaging their capacity to lend, are being taken forward internationally.
Achieving stronger regulatory reform and enabling financial and economic growth are not contradictory objectives. They support one another. Essential work is being done at the G20 level and through the Financial Stability Board, which recognises that without advancing an effective reform agenda, confidence and a sustainable recovery will be compromised. It is through reform that long-term economic growth will be achieved.
The UK supports regulatory initiatives that promote:
- The resilience of our banks and the global financial system;
- Global co-ordination of standards – so different regulatory regimes are not played off against one another, undermining their effectiveness;
- A greater role for EU authorities in enforcing regulation and improving the effectiveness of financial services supervision;
- Transparency and the proper functioning of markets, to reduce the risk of instability spreading across the financial system; and
- The protection of taxpayers through the development of better crisis management and bank resolution strategies, to remove Government support from the financial sector.
A thematic approach: the key issues
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