Need for regulation to check economic imbalance
Posted: Wed Feb 03, 2010 3:51 pm
India today said there is an urgent need to develop a better system of surveillance and regulation to detect early signs of systemic financial and economic imbalances and address them effectively in a timely manner.
"There should be a better and more transparent regulatory mechanism for banks, financial institutions and capital markets as well as a stronger voice for developing countries," Minister of State for External Affairs Shashi Tharoor said.
These reforms would also help in a more effective and less market-driven approach to raise the economic standards of the poorer sections of the international community, he told a conference organised by Indo-Arab Economic Cooperation Forum.
Tharoor said the "comprehensive overhaul" of the international financial institutions should take place without any delay to make them more equitable, accountable, transparent and effective.
"There should be a better and more transparent regulatory mechanism for banks, financial institutions and capital markets as well as a stronger voice for developing countries," Minister of State for External Affairs Shashi Tharoor said.
These reforms would also help in a more effective and less market-driven approach to raise the economic standards of the poorer sections of the international community, he told a conference organised by Indo-Arab Economic Cooperation Forum.
Tharoor said the "comprehensive overhaul" of the international financial institutions should take place without any delay to make them more equitable, accountable, transparent and effective.