All the day’s economic and financial news, including new manufacturing reports from around the world
- Latest: UK manufacturing growth slowed in June
- Pound drops after British data disappoints
- Eurozone factory growth hits six-year high
- German manufacturing growth at 74-month high
- Greek factories stop shrinking
Here’s Larry Elliott on today’s FSB report:
The organisation responsible for monitoring the health of global financial system is urging regulators not to cave in to ‘reform fatigue’.
Mark Carney, head of the Financial Stability Board, has put down his spade and hockey stick and turned his attention to the upcoming meeting of G20 leaders later this week.
In particular, giving into reform fatigue could erode the willingness of G20 members to rely on each other’s systems and institutions and, in the process, fragment pools of funding and liquidity.
Carney, head of the Financial Stability Board, reeled off regulators’ accomplishments, including better-capitalized banks, reduced risk of big public bailouts, a thorough reform of the derivatives markets and a decline in the most dangerous activities of so-called shadow banking.
One of the biggest threat to all these achievements, he said on Monday, is “reform fatigue.”