Resources for Basel II Capital Accord (Basel II)

Banks, regulators see no need for overhaul

www.reuters.com

Bankers and regulators are rarely of the same mind but at a weekend G7 meeting to discuss the global credit crisis they thought alike -- the world financial system is better than ever, but still doesn't work as it should.

The two sides have had a lot of explaining to do since the collapse of a relatively small section of the U.S. mortgage market briefly paralyzed global finance, sent credit markets reeling, and still threatens to dampen world economic growth.

At the G7 showdown -- with the world's mightiest central bankers and finance ministers looking on -- both parties agreed that bankers were, for the most part, to blame for the mess but that the regulatory framework was, for the most part, sound.

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