Examining the big issues facing the global economy, Business Daily demystifies the world of money.…
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The BBC's economics correspondent, Andrew Walker, reports from the Austrian capital, Vienna, where the global banking industry is discussing its future in a sober mood. The Institute of International Finance, the lobbying body for bankers, is looking at the prospect of tougher regulation and the need for banks to keep a bigger financial cushion of capital.
Andrew talks to Peter Sands, the chief executive of Standard Chartered Bank, who suggests that reforms to make the bank system safer, will have a cost that will affect the economic recovery and job creation. He argues that the cost of credit will go up and that will act 'as a headwind' on the economy.
And we hear from Urs Rohner, Vice-Chairman of the Board of Directors at Credit Suisse,
who argues against a new tax on banks, to pay for the cost of future bailouts.
Plus Rob Nichols, of the Financial Services Forum, which represents top executives in the US banking industry, expresses concerns about plans for regulating derivatives and other reforms in the US.
And Andrew talks to George Hay, a banking expert with Reuters Breaking Views, about whether the banks' warnings about the dangers of reforms reflect the truth, or whether they are just protecting their own interests.