05 May '11, 12pm

[CNA] Experts call for global central bank, finance authority

[CNA] Experts call for global central bank, finance authority

SINGAPORE : Economic experts have called for a global central bank and finance authority to monitor and regulate financial markets. At a conference organised by the Singapore Management University (SMU), experts said that leveraging by so called "shadow banks," such as hedge funds, investment banks and insurers, had made it difficult to track money on a global basis. The US economy has begun to grow once again, but not without help from its central bank. The Federal Reserve has pumped almost US$600 billion into the markets by buying treasury bonds to support the financial system. This has led to a run up in the US markets, which view the easy monetary environment as a positive. And with easier credit, non-deposit taking financial players have also been re-leveraging to take on more risk in markets. Andrew Sheng, chief advisor at the China Banking Regulatory Commission, sai...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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