European and international financial services reform
The world’s major economies must do their part to achieve the objectives of strong, balanced and sustainable growth. The truly global nature of the financial crisis sharply illustrated the need for far-reaching international reform.
The G20 called for stronger international co-operation and standards. Pioneering work from the Financial Stability Board has helped take forward essential areas of financial regulatory reform, in areas from capital and liquidity requirements, to market infrastructure and international accounting standards.
The UK has led international work in areas such as recovery & resolution plans, bank levies, and the strengthening of bank capital. The Government intends to remain at the forefront of the debate, with a strong and knowledgeable voice in the dialogue surrounding international reform.
The Government particularly welcomes the increasing emphasis in Europe on improving macro-economic and financial stability, and the recognition that central banks must play an increasing role in financial policy and stability. The role of our own central Bank, the Bank of England, is at the heart of the new regulatory structure being developed in the UK.
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