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Former BOC Gov. Recommends a Policy Response to Credit Crisis, Praises BOC Inflation Targeting Role

Posted:19/11/2008 18:53 by Heddy Sorour
David Dodge who served as BOC governor from 2001 until last year, has made several recommendation for domestic and international policy reforms according to a release distributed by the C.D. Howe Institute today. Among them: - Better tools for prudential regulators coordinating financial institutions’ regulatory capital requirements. They need to be more nimble when it comes to increasing capital requirements. - Give financial institution discretion to smooth profits by allowing them to set aside reserves in good times and vice-versa in bad times - Allow securities regulators to establish rules for structured products and derivatives to facilitate transparency. - Give Dept. of Finance and CMHC responsibility for stabilizing housing and mortgage markets through adjustments to terms and conditions of insurance to control volatility. - Central Banks need to more effectively monitor financial market developments and review them with the relevant agencies. Key to these reforms will be international cooperation, Dodge said, suggesting that central banks and prudential regulators can turn to the Bank of International Settlements to foster and support co-operation. click here to return to the top of the page
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