Minister offers creation of a global supervision agency

Minister offers creation of a global supervision agency
Turkey’s Finance Minister Mehmet Şimşek has proposed the establishment of an agency to continuously monitor risks in the international markets, assess them and act whenever needed to thwart the chances of a crisis similar to the current one from happening again.

Speaking on Thursday at a panel discussion “Balancing Risk Taking and Financial Regulation” held during the Global Economy Symposium (GES) at Plön Castle, Schleswig-Holstein, Germany, the minister put forward a number of suggestions to strengthen the capital markets worldwide to avoid the risks that may eventually cause the precipitation of the entire financial system. “The capital adequacy rates and the capital qualities of the banks need to improve soon. Besides, the regulation, supervision and auditing of the banks must be done not only at the local level in every country’s own financial system but in a global perspective,” he asserted and went on to say that the foundation of a brand new global agency for that reason is a must. He further provided a name for this projected institution: the Global Risk Monitoring Agency. Şimşek added one final proposal to his recommendations for avoiding a repeat of today’s crisis in the future, “The off-balance-sheet assets that were among the most elemental causes of the current economic fallout must be taken into account and rendered more transparent.”

Şimşek to visit Beijing

After the recent visit of Zafer Çağlayan, Turkey’s state minister for foreign trade, led to a thaw in relations between Turkey and China that had turned glacial after the brutal crushing of the Urumqi demonstrations in July by the Chinese, killing hundreds of Uighurs, Şimşek is also heading to this country on official visits to further improve relations.

12 September 2009, Saturday

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