Bank of England Governor Mark Carney: “No room for complacency” in global banking reform
Bank of England governor Mark Carney has cautioned against slowing the pace of global banking reforms, saying the financial system is more resilient than during the financial crisis, but there's still "no room for complacency".
Speaking in his role as chairman of the Financial Stability Board (FSB), a body which monitors the global financial system, Carney warned structural reforms risk being dampened by political pressures and the fact their benefits won't be felt for years to come.
"I worry about reform fatigue, not surprisingly, both at the FSB and more generally," Carney said at an Institute of International Finance meeting.
"Many of the toughest reforms are micro reforms that can have big political coalitions against them and have payoffs very far into the future," he said.
His comments came ahead of a meeting between G20 finance ministers and central banks which starts this week. Policymakers will look at how they can co-ordinate monetary policy in a bid to kick-start sluggish global growth.