Boe’s Carney makes plea for tougher regulations

Mark Carney has warned leaders of the world’s fastest growing economies that giving into “reform fatigue” could put global financial stability at risk. While “immense progress” has been made shoring up the financial system since the banking crisis of 2008, the Bank of England governor said a failure to put more regulation in place could lead to slower economic growth and heighten risks to the G20 group of nations.

Speaking as chairman of the Financial Stability Board, he said leaders must not try to avoid repeating the failures of the past, but should evolve their regulatory frameworks to meet challenges of the future, such as those posed by fintech and cyber crime.