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Bank of Canada warns against fragmentation of financial reforms
June 8, 2015 / 8:43 PM / 2 years ago

Bank of Canada warns against fragmentation of financial reforms

MONTREAL, June 8 (Reuters) - International financial authorities must ensure that countries and other jurisdictions do not go too far down the road toward domestically oriented financial system reforms, Bank of Canada Senior Deputy Governor Carolyn Wilkins said on Monday.

Calling for consistent application of international standards, she told a conference: “If we fail to achieve this, we could end up with inconsistent and incomplete regulations that impede desirable flows and create scope for circumvention.”

In the prepared text of her speech, she also said that if multilateral agreements proved intractable, bilateral agreements could be another way to reach the same goal in light of the trend toward regional banking. (Reporting by Randall Palmer; Editing by Meredith Mazzilli)

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