Caruana: integration essential to global framework
Jaime Caruana, the general manager of the Bank for International Settlements, last Thursday outlined a new framework for global financial stability.
The financial crisis has led some to suggest that the decades-long process of financial integration could and possibly should reverse. However, Caruana argued that the benefits of financial integration, benefits which he claims can be hard to identify, are sometimes underestimated.
Caruana expressed concern over the possibility of further
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