G7 Posts on Forex Blog
G7 / IMF Roundup - Regulatory Reform, Forex Monitoring, IMF Reform, Private Bank Push
Apr 12, 2008
In the first day of G7 meetings - the group passed reforms recommended by the Financial Stability Forum, Monitoring of forex markets, and US + Canada pushed for more innovation from private bankers.
The G7 meeting was kicked off by the group agreeing to a plan from the Financial Stability Forum. The FSF, composed of central bankers and regulators, had finished an 8 month study into the internal failings of credit markets.
The FSF's recommendations included calls for improvements to credit rating agencies, greater oversight, improved transparency, and improvements to tools available when credit problems do arise.
Meanwhile, US Treasury Secretary Henry Paulson called on the IMF to increase surveillance of the challenges in the forex market. Paulson stressed that "currencies... not set by market forces in deep, liquid markets" need precise analytics.
Mr. Paulson also continued his regular push for IMF reform. Paulson has long pushed for shrinking the board by 4 seats, from 24 to 20.
On another front, the US Treasury Department hosted a dinner Friday for private banks, urging them to match the recent vigor of the central banks.
Read more at CNBC, 2nd CNBC Story, and the BBC
IMF, G7
Weekend Meeting - G7, IMF, World Bank
Apr 11, 2008
Hello everyone. While today's GE numbers and news of Lehman tapping into their new cash may lead the market lower next week, I think the big news is happening in Washington DC. Officials from the G7, IMF, and World Bank will be meeting to discuss the global credit crunch, rising commodities, and forex. Stay tuned for updates!
Chuck E Cash
IMF, G7, World Bank
