It might not be possible to prevent a financial crisis, but having such a committee would be a way to mitigate its damaging effects
Varied kinds of banking and finance problems seem to be spreading around the world. The outgoing New York Federal Reserve president William Dudley recently spoke about the London Inter-bank Offered Rate (Libor) fraud, the incoming president spoke about the need to improve banking culture, Bank of Italy officials are grappling with non-performing assets problems in their economy and, of course, India’s own central bank governor Urjit Patel has highlighted that the Reserve Bank of India (RBI) needs more powers to regulate ailing public sector banks.
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