IMF: Basel falls short on bank supervisionSeptember 15, 2010 - 12:29 AMT PanARMENIAN.Net - The proposed Basel III bank capital rules go in the right direction but need to be completed by a strengthening of banking supervision, the head of the International Monetary Fund said on Tuesday. "There was an absolute need to remodel the rules of the financial sector... this, at the moment, is much more important than potential negative effects on growth that could come from the increase in regulation," Dominique Stauss-Kahn said in an interview in Italy's Il Sole 24 Ore. But the IMF head said supervision is more important. "My worry is we have made progress on the rules front... but there is still a lot to do on the other questions". Strauss-Kahn also said the economic crisis will not end until unemployment has been reduced substantially, Reuters reported. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | International cybercrime ringleaders arrested in Armenia, Ukraine Europol, Europe's crime agency, has arrested four ringleaders of several cybercrime networks that used botnets. Armenia skips CSTO Defense Ministers meeting A meeting of the Council of Defense Ministers of the Collective Security Treaty Organization countries began in Almaty. Armenian, Iranian foreigh policy chief talk over the phone The Foreign Minister of Armenia once again expressed condolences to his counterpart on the death of the President of Iran. Armenia, U.S. customs authorities to boost assistance with new deal The government has approved an agreement with the U.S. government on mutual assistance between the customs authorities. |