|
The Group of Central Bank Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision, reviewed today a comprehensive set of measures to strengthen the regulation, supervision and risk management of the banking sector. These measures will substantially reduce the probability and severity of economic and financial stress. President Jean-Claude Trichet, who chairs the Group, noted that "the agreements reached today among 27 major countries of the world are essential as they set the new standards for banking regulation and supervision at the global level". Mr Nout Wellink, Chairman of the Basel Committee and President of the Netherlands Bank, stated that "central banks and supervisors have responded to the crisis by strengthening microprudential...
|