Central bankers have backed new measures to strengthen supervision of the global banking industry. A meeting of the Bank for International Settlements (BIS), which consists of the world's central banks, pledged to increase bank's capital requirements. The plans should substantially reduce the probability and severity of economic and financial stress, the BIS said. But the BIS did not set out a timeline for implementation of the proposals.
The measures will be outlined in detail by year-end and be introduced in a way that does not impede the recovery of the real economy. The BIS meeting comes just after the finance ministers from the Group of 20 richest nations meeting in London backed a system that rewards long-term performance rather than short-term risk-taking.
Source:
www.bbc.co.uk
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