Comptroller of the Currency John Dugan said global regulators must ensure that banks' capital requirements are high enough to create a safety cushion but do not cause a credit crunch. "Striking that balance will be the critical challenge facing policymakers in the next several months -- made more difficult, perhaps, by today's economic environment of fragile recovery," Dugan said. He also said the financial crisis revealed that banks were left vulnerable by outdated capital standards.

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