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BOE's Carney Seeks Dynamic Financial Regulations

Bank of England Governor Mark Carney called for effective financial rules in order to contend with unexpected consequences and disparities, saying the regulations formulated following the financial crisis cannot be implemented permanently.

The BOE head said Thursday the methodology to regulation should be dynamic in order to ensure the financial system worldwide is still resilient. He added officials must learn by doing and make changes.

Carney mentioned global rules have reached a crucial point, with a threat of a revert to mutual skepticism between regulators and differing sets of regulations.

He divulged the Financial Stability Board was working on an evaluation of rules enforced after the crisis to figure out whether G20 reforms are attaining their desired results, tag any likely unwarranted repercussions, and pinpoint any lapses or risks.

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