Newsletter October 08: Crisis shows need to clarify roles, says IMF

WASHINGTON – The roles of central banks, regulators, supervisors and governments in maintaining financial stability needs clarifying in the wake of the global financial crisis, according to the International Monetary Fund. It’s important that decisions to tackle the turmoil are not hampered by lack of clarity over the roles and responsibilities of various authorities, the IMF says in its latest financial stability report issued in early October. The crisis has seen governments in the US and Europe move to rescue failing banks with taxpayer-funded bailouts, or to assist in the acquisition of weak institutions by stronger ones.