Newsletter Sept 2008: Progress continues with long-term stability reforms

WASHINGTON – Progress continues to be made with the medium and long-term policies and reforms needed to sustain the stability of the global financial system in the wake of the credit crisis, according to a top regulator with the International Monetary Fund, the organisation that oversees the global economy. Jaime Caruana, who heads the IMF’s International Capital Markets watchdog body, told reporters in late July that despite bank write-downs exceeding $400 billion in aggregate, banks had generally been successful in raising capital and their balance sheets were adjusting.