NIIGATA, Japan : Finance ministers and central banks from the Group of Seven rich nations agreed the global financial system is resilient but the need for vigilance remains, Japan's finance minister Shunichi Suzuki said on Saturday.
"We reaffirm that our financial system is resilient, supported by the financial regulatory reforms implemented after the 2008 global financial crisis, including considerable increases in the levels of bank capital and liquidity, an international framework for effectively resolving failing institutions, and strengthened cross-border regulatory and supervisory cooperation," it said.
He said Britain believed the regulatory structures worked as intended and prevented much worse problems, but there were clearly lessons to be learned, including how digital transfers had accelerated the rapid pace of deposit withdrawals. But he said Britain was reviewing the legal and regulatory structures to ensure that people had access to their deposits as quickly as possible during any future incidents.
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