Carney: The FSB's outspoken new chair
Monday 7 November 2011 - by Karina Whalley
Mark Carney has taken the helm of the Financial Stability Board becoming chairman on 4 November. The Bank of Canada governor was named as successor to Mario Draghi for a minimum three-year appointment.
JP Morgan chief Jamie Dimon lambasted the additional capital requirements being forced upon worldwide banks which ended in a now infamous clash with Carney during a closed doors discussion. The new FSB chairman has shown he is not intimidated by bank chiefs fighting against the need for reform.
However, he has equally taken a stand against global regulators on policies with which he does not agree. At the G20 Summit in Toronto last year, Carney was crucial in leading the opposition against a global-wide introduction of a financial transaction tax, which he has labelled a "distraction" from more pressing issues regarding capital and liquidity reforms and the world economic recovery.
Carney has also used speeches to call for bail-in and contingent capital mechanisms to be adopted globally as a solution to too big to fail, and for maximum G20 cooperation as countries, including Canada, set about developing domestic counterparty systems to regulate the over-the-counter derivatives markets.
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