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News Link • New World Order

Britain: Supranational Banking Organization May Be Needed

• Cryptogen
 

Funny how BIS isn’t mentioned.

Via: Reuters:

A global body with legal powers may be needed over time to enforce the world’s new financial rules, the Financial Services Authority (FSA) said on Wednesday.

The FSA’s newly appointed and first director of international affairs, Verena Ross, said the Financial Stability Board (FSB) was key to ensuring all gaps in regulation between securities, insurance and banking sectors were plugged.

Formerly known as the Financial Stability Forum, the FSB was expanded in April to include central bankers and finance ministry and regulatory officials from all Group of 20 (G20) countries.

There may be a case for exploring the need for a more formal global regulatory framework, such as a body with legal powers of enforcement like the World Trade Organisation, Ross added.

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