Caruana says ‘naïve' to be seduced by simple rules
BIS head says regulations beget complexity, which must beget more complex rules
Bank for International Settlements (BIS) general manager Jaime Caruana said today financial regulators should be humble about the efficacy of the rules they put in place, but not so naïve as to think the rules do not need to change to keep pace with financial innovation.
Delivering a lecture in London today in honour of the memory of former Italian finance minister and ECB executive board member Tommaso Padoa-Schioppa, Caruana said a lot has been achieved since the crisis in terms of beefing up
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