LONDON : The G20's financial watchdog on Wednesday said rules it introduced after the global financial crisis had prevented contagion from the latest banking sector turmoil, but it would remain vigilant as the outlook has become more challenging.After taxpayers bailed out lenders during the 2007-09 crisis
LONDON : The G20's financial watchdog on Wednesday said rules it introduced after the global financial crisis had prevented contagion from the latest banking sector turmoil, but it would remain vigilant as the outlook has become more challenging.
The willingness of regulators to apply the rules was tested last month as U.S. authorities handled the collapse of Silicon Valley Bank, and Switzerland engineered UBS's forced takeover of Credit Suisse. He said"rapid and effective" actions by authorities in Switzerland, the United States and other jurisidictions maintained global financial stability.
The outlook for financial stability had become more challenging, Knot said, and the need for financial authorities to learn lessons and act upon them was"all the greater".
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