Banking reforms aimed at preventing another financial crisis have failed to make enough progress, the boss of the International Monetary Fund has warned.
IMF managing director Christine Lagarde blamed a combination of the complexity involved, industry lobbying and “fatigue” for the delay.
“The industry still prizes short-term profit over long-term prudence,” Ms Lagarde said at a conference on the future of capitalism.
She called for tougher global rules.
Ms Lagarde said some of the biggest problems were with the so-called “too-big-to-fail firms”, banks whose collapse would cause such a big knock-on effect on the wider economy that governments were still expected to rescue them.
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