Carney expresses concern over pace of global financial reform

Bank of England governor Mark Carney said on Monday he was worried about financial reform fatigue globally, ahead of a meeting of G20 finance ministers and central bankers.

“I worry about reform fatigue, not surprisingly, both at the FSB (Financial Stability Board) and more generally,” Mr 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 payoff very far into the future,” he said.

Mr Carney said that although the financial system was less likely to amplify initial shocks than in 2008, there was no room for complacency about its resilience.

Reuters