Bank of Canada sees challenges to financial reform

Wed Apr 7, 2010 4:08pm EDT
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OTTAWA (Reuters) - There are still "significant challenges" to strengthening the international financial system despite headway made so far, the Bank of Canada said on Wednesday.

According to point-form notes prepared for a panel discussion, Bank of Canada Deputy Governor John Murray said Canadian banks had fared "extremely well" compared to their peers during the global financial crisis.

He listed ways all countries could improve their financial regulations, including leverage limits, higher capital and better market infrastructure.

"(There are) significant challenges but promising progress has been made on many fronts," the notes said.

"International cooperation and consistency are critical."

There was no further detail.

(Reporting by Louise Egan; editing by Janet Guttsman)