EnglishRegulators of the global financial sector need to act more aggressively in their efforts to prevent banks and other financial institutions from taking on excessive risks, the IMF warned.
"Surveillance needs to be more intensive and strict, as well as more focused on cross border exposure", IMF specialists said, in a report concerning the creation of a new financial system. According to them, "there are still worries that many structural features that contributed to the appearance of systemic risks still exist today".
The IMF also supports the creation of a banking stability fund that would cover the costs of any future crises.
The IMF considers that the supervisory agencies should issue public reports of their work and be share information with domestic regulators and with their foreign counterparts, the report said.
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