June 8, 2015 / 9:00 PM / 2 years ago

Bank of Canada warns against fragmentation of financial reforms

MONTREAL (Reuters) - International financial authorities must ensure that countries and other jurisdictions do not go too far down the road toward domestically oriented financial system reforms, Bank of Canada Senior Deputy Governor Carolyn Wilkins said on Monday.

“If all jurisdictions act in their own national interest, narrowly defined, everyone could be left worse off,” she told a Montreal economic conference.

Calling for consistent application of international standards, she said: “If we fail to achieve this, we could end up with inconsistent and incomplete regulations that impede desirable flows and create scope for circumvention.”

Wilkins also said that if multilateral agreements proved intractable, bilateral agreements could be another way to reach the same goal in light of the trend toward regional banking.

The prepared text of her speech made no reference to current monetary policy or the economic outlook.

Reporting by Randall Palmer and Allison Lampert; Editing by Meredith Mazzilli

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