Global reforms will be inherited with G20 presidency - Stevens
(28 March 2013 – Australia) Reserve Bank of Australia (RBA) Governor Glenn Stevens believes rather than implementing global financial regulations, the emphasis should be on the implementation and monitoring of how the changes are helping or hurting.
His comments come after it was revealed changes to these global banking regulations have been more difficult than anticipated, with Australia and only 10 other jurisdictions so far adopting key parts of the reforms.
The United States and Europe are yet to make all the changes.
'Reforms that seemed so simple and obvious, so bold and so sweeping in the immediate aftermath of the crisis of 2008, have turned out to be harder to implement than first expected,' Stevens said in an address to an Australian Securities and Investments Commission (ASIC) forum.
'The financial reform agenda post 2008 has been very large and comprehensive. There has been a prodigious amount of work across a wide front.'
The RBA governor said it would be years before the full effect of the reforms could be assessed.
Australia will be in a greater position to influence the progress of further regulation when it takes over the G20 presidency in 2014.
'The G20 should be looking for careful and sustained efforts at implementation of the regulatory reforms that have already been broadly agreed, but being wary of adding further reforms to the work program.
'This is a multi-year task and one we will inherit,' Stevens said.
The United States and Europe are yet to make all the changes.
'Reforms that seemed so simple and obvious, so bold and so sweeping in the immediate aftermath of the crisis of 2008, have turned out to be harder to implement than first expected,' Stevens said in an address to an Australian Securities and Investments Commission (ASIC) forum.
'The financial reform agenda post 2008 has been very large and comprehensive. There has been a prodigious amount of work across a wide front.'
The RBA governor said it would be years before the full effect of the reforms could be assessed.
Australia will be in a greater position to influence the progress of further regulation when it takes over the G20 presidency in 2014.
'The G20 should be looking for careful and sustained efforts at implementation of the regulatory reforms that have already been broadly agreed, but being wary of adding further reforms to the work program.
'This is a multi-year task and one we will inherit,' Stevens said.
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