Time may indeed be running out, but the GOP is ready, able and willing to defend those banks at all costs. Lobbyists of the world, unite!
In its half-yearly health check on the financial sector, the Washington-based fund said there was an urgent need for international co-operation to tackle the systemic risks posed by banks deemed “too big to fail”.
“The future financial regulatory reform agenda is still a work in progress, but will need to move forward with at least the main ingredients soon”, the IMF said in its Global Financial Stability Review. “The window of opportunity for dealing with too-important-to-fail institutions may be closing and should not be squandered, all the more so because some of these institutions have become bigger and more dominant than before the crisis erupted.
“Policymakers need to give serious thought about what makes these institutions systemically important and how risks to the financial system can be mitigated.”