Canada backs IMF as global regulator

Jim Flaherty, the Canadian finance minister, said that, rather than a new watchdog, the International Monetary Fund (IMF) should oversee international bank regulation.

"In the middle of an economic crisis, synchronised global recession, a crisis in some of the financial systems of the world, this is not the time to create new global entities, which would take months to get up and running, if not years," Flaherty said on Thursday.

It is important that the Fund has enough resources, he said, addi

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