Extend 'systemic importance' to countries: Brazil's Meirelles

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Countries, as well as banks, can be systemically important, and it is important to add this notion to the growing lexicon of regulatory reform, Henrique Meirelles, the governor of the Central Bank of Brazil, said in Brussels on Wednesday.

"Labelling countries systemically important is a key concept. The failure of a systemically important financial institution in a systemically important country has a completely different impact than in any other country," Meirelles said.

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