French Economy Minister Bruno Le Maireannounced his intentions this Tuesday defend in front of their partners G7 the European system of regulation of the banking system, According to him, it has shown its effectiveness and robustness in the crisis experienced by the sector in recent months.
Le Maire, who presented his priorities to the press for the spring meetings, International Monetary Fund (IMF) and world Bank (UN) During this week in Washington, he pointed out that the stability of the financial system is on the agenda of the next G7 meetings.
“I will only remember that he demonstrated the robustness of the much-criticized European inspection system,” he said.
referred to the criticisms made because of European organizations have to follow a set of rulesfor example, in terms of liquidity, which can limit room for maneuver in some businesses but proves important in times of crisis.
He simply referred to the fact that: 14 major US banks are subject to regulation known as Basel IIIWhen there are several hundred people in Europe to adapt: ”This is what gives strength and stability to the European financial system.”
Financial stability is back at the center of economic news this winter. periods of tension with bankruptcy United States of America between Silicon Valley Bank and forced recovery Credit Suisse By UBS, the other major bank in Switzerland.
French Minister He made some statements about what his position would be at the IMF and World Bank meetings.in particular, the idea that “developed countries must contend with the greatest risk of economic distancing from the poorest, who suffer from the most severe economic slowdown and inflation.”
He reiterated his proposal to use IMF reserves to sell a “small piece” that could allow more lending to poor countries.
It also wants development banks to lend more and use their capital to increase the volume of loans. collective projects, not everyone works for himself and for himself mobilize private funds.
These issues will be at the center of the summit that France will hold in Paris on 22 and 23 June to reform the international financial structure.
To prepare for that summit will pay special attention to the financing of its results. climate change, Le Maire will meet in Washington with COP28 chairman and UAE minister, Sultan Ahmed Al Jaber, who will hold the next major conference at the end of the year.