Central bank leaders from Switzerland and Canada told a panel of bank executives that they should expect rules beyond the Basel III accord, particularly for major financial institutions. "There is unfinished business that is pretty important," Mark Carney, governor of the Bank of Canada, told bankers including Bank of America CEO Brian Moynihan. "Nobody should be surprised" that rules will go beyond Basel III, said Philipp Hildebrand, president of the Swiss National Bank. "This is not about Swiss deciding randomly." Bankers said another wave of rules could threaten to undermine the global economic recovery.
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