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G20 to talk currencies, ‘moral hazard’: Canada
Nov 2nd, 2009 11:37 by News

TORONTO (Reuters) – The G20 finance ministers and central bankers meeting this weekend will discuss foreign exchange rates and the perils of designating some banks as “too big to fail,” Canadian finance minister Jim Flaherty said..

Canada appears keen for the G20 to discuss “moral hazard” in the global banking system, referring to players that may still be taking risks on the assumption authorities can always bail them out.

“I know we’re going to have some discussion about this whole issue of financial institutions that are so-called too big to fail. We need to talk more about that. We don’t want to create moral hazard in the financial systems around the world,” he said.

Bank of Canada Governor Mark Carney also raised that issue last week, saying … that risks must be returned to, and borne by, the private sector and warned the current system was awash in moral hazard.

[source]

Author key: MK - Michael J. Kosares; GC - George Cooper; PG - Peter A. Grant; JK - Jonathan Kosares; RS - Randal Strauss; JL - Jeffrey Lee. [see also 10 yrs of Discussion Archives]

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