Lagarde: More work needed on global banking reforms

20 March 2013

More work needs to be done before the overhaul of the global financial industry is complete, the head of the International Monetary Fund (IMF) has insisted.

According to Christine Lagarde, senior bankers and policymakers must continue joining forces to press ahead with the widespread reforms required in the post-crisis landscape, as progress still needs to be made in several areas.

For instance, the IMF official indicated that the process of cleaning up financiers' balance sheets is still nowhere near complete, while more also needs to be done to resolve the threat posed by systemically-important banks in the event of another collapse.

During a speech delivered yesterday (19 March) at the Frankfurt Finance Summit, Ms Lagarde said that many lenders are "still shackled by the leftover effects of the crisis", a fact that represents the "weak link in the chain of recovery".

"Our job today, as policymakers and regulators, is to bring about change in a more effective, permanent manner," she added.

By Claire Archer

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