ECB’s Nouy advocates global banking supervisory co-operation
International nature of financial system demands regulation across borders
Global financial institutions facilitate trade and investment, create new sources of funding for the economy and improve capital allocation across nations, according to Danièle Nouy, chair of the Supervisory Board of the European Central Bank.
However, “a global banking sector poses global risks,” she warned in a speech at King’s College London on October 23.
Banks can operate internationally and set up their operations in different countries for various reasons. They may seek to evade high
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