IIF urges global coordination on financial regulatory revamp

The Institute of International Finance, which represents the largest financial institutions in the world, warned that unless a global, coordinated approach to reforming the banking sector is adopted, the financial system will return to "business as usual." As the World Economic Forum in Davos, Switzerland, begins, bankers are scrutinizing the fragmentation of regulatory initiatives. "Almost every day now, we are seeing policy decisions and announcements that are not being coordinated and that have the potential of doing systemic damage," said William Rhodes, senior vice chairman of Citigroup and a leading figure at the institute.

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