IMF warns against over-regulation following crisis

Jaime Caruana, the head of capital markets at the International Monetary Fund, on Monday urged financial regulators to avoid introducing a raft of rules in reaction to recent events in global money markets.

Speaking in Washington on Monday, Caruana said the subprime crisis did not require what he termed "a new regulatory paradigm". But he said that regulators "must be ready to re-examine some elements of the framework and enhance it where necessary."

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