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Newsletter January 09: Financial innovation must slow down to avert crises

Simon Turmaine | January 19, 2009

HONG KONG – Some regulators now accept that financial innovation and financial sector growth must advance at a slower pace in future for the good of the financial system in the longer term. This was made clear in mid-December by Mario Draghi, governor of the Bank of Italy, and chairman of the Financial Stability Forum (FSF), the Basel-based body of central bankers, supervisors and national finance ministry officials that is coordinating the international policy response to the global financial crisis.

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