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Carney named head of global banking regulator
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The Canadian Press-
Bank of Canada governor Mark Carney has been appointed head of the Swiss-based Financial Stability Board.
The announcement was made at the G20 summit in Cannes, France, on Friday.
Carney will remain head of Canada's central bank as the FSB job is just part-time. His seven-year term atop the Bank of Canada expires in 2015.
The job will have the 46-year-old Carney, who was born in Fort Smith, N.W.T., lead the drive for global banking reform.
Carney has been a strong advocate of more stringent regulations for banks.
Carney has said recently that the global financial system is safer now than it was, but told CBC last week there is still much more that needs to be done to make the system more responsive.
"The decisions that are taken in Cannes at the end of next week will ratify a bunch of things that the FSB has been working on and set an agenda, a forward agenda, for the FSB," Carney said in an interview with Lang & O'Leary host Amanda Lang.
"What will that agenda likely be? Part of it will be, in fairness, a policeman role — making sure that everybody implements what they’ve already agreed to do."
Carney has said the FSB's next priority will be to regulate the $60-trillion shadow banking sector.
"A lot of risk can come out of it that has to be tackled, and that’s what we’re here to work on," Carney said.
The G20 founded the FSB to come up with tougher regulations to monitor and strengthen the entire global financial system.
It is not often Canadians are considered for top jobs at global financial institutions, but Carney appears to be an exception.
Earlier this year, he appeared in a London bookmaker's list for the International Monetary Fund's top job, which eventually went to France's Christine Lagarde.
Last year, Carney was named chairman to a committee on financial stability at the Bank for International Settlements, of which the FSB is a part.
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