By Tom Braithwaite
Published: April 25 2010 17:24 | Last updated: April 25 2010 17:24
The US is preparing to pivot from domestic regulatory reform to a push for a tough new international capital regime after the weekend’s G20 and International Monetary Fund meetings glossed over differences between leading economies.
Tim Geithner, US Treasury secretary, met Mario Draghi, chairman of the Financial Stability Board, on Sunday to discuss the contours of a system that would decide the safety and profitability of banks for decades to come and could eclipse the arguments over bank taxes and regulation.
But the different positions of senior central bank and government officials from several countries expressed to the Financial Times on the sidelines of the G20 meetings in Washington suggested that a final international agreement remains a challenge.
Full article here:
http://www.ft.com/cms/s/0/28959166-5082-11df-bc86-00144feab49a.htmlWon't let me link it. Help appreciated.
But Geithner? Really? Just the thought of him heading the effort to establish global rules or standards just gives me chills.