World banks on Canada skill<br><br>It a tribute fire red 3s to the solidity of Canada banking system that the Group of 20 has turned to Bank of Canada Governor Mark Carney to construct the firewall needed to prevent a repeat of the Bonfire of the Vanities that plunged the world into recession in 2008, torching untold wealth, jobs and lives.<br><br>It is also a sharp reminder that cheap jordan shoes for all the attention it has been getting, Greece explosive political/debt crisis isn the only big worry the global economy faces as it struggles to find its feet again. President Barack Obama ongoing struggle to convince Congress to provide the funds to boost jobs and growth; the struggle to persuade China to let its underpriced currency rise so that it can buy more of the world goods; Europe serial debt woes; and the need to regulate the big players on Wall Street and elsewhere.<br><br>As these challenges multiply Carney appointment as chair of the increasingly wellstaffed and powerful Financial Stability Board gives Canada a key role helping to steer muchneeded reform in the global financial system. Our banks, while not the very biggest, are more prudently managed, better capitalized and better regulated than many. Increasingly, that banking skill matters.<br><br>Carney brings strong personal credentials to what will in effect be a parttime job. He a brilliant central banker with topnotch privatesector investment banking experience. He also a fierce advocate of reform, is politically savvy and a consensusbuilder. Those skills will be tested to the limit, brokering deals between G20 leaders and the world most powerful, regulationaverse bankers.<br><br>For the next few years Carney will steer the phasein of key reforms.<br><br>The FSB is tasked with making sure that the world very largest banks those deemed big to fail are solid enough to withstand another Lehman Bros.type moment. In 2008 Lehman failure dragged down smaller players in a cascading crisis that paralyzed the global credit markets.<br><br>At an otherwise ineffectual jordan retro shoes summit in Cannes this week, Prime Minister Stephen Harper and other leaders identified 29 important financial institutions including Bank of America, Bank of China, Goldman Sachs, Barclays, JP Morgan and others. The G20 have agreed that these banks must hold greater reserves of topquality capital to bolster their ability to withstand Lehmanstyle shocks. Under the Basel III agreement, the global banking system will be reinforced with hundreds of billions in rainyday reserves.<br><br>Regulators are looking as well to prevent banks from shifting risk from their balance sheets into the socalled banking system of hedge funds, structured investment vehicles and other funds.<br><br>These systemic issues are rarely topofmind, as Wall Street meltdown recedes in memory. But the risk remains all too real. Managing it now falls to Canada central banker. He the right man for the job.
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