Bank of Canada Governor Carney clashes with JP Morgan chief Dimond
September 28, 2011
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The story of their “clash” at at closed meeting at the IIF the other day is old. Now Mark Carney’s speech is published, and it is well worth reading. He counter three objections to Basel 3 from global banks: Uneven implementation across countries, leakages to the shadow banking sector, and negative impact on growth. He rebuts all three. Discussion about shadow banking is interesting, as he sketch four different ways the FSB might approach the problem.