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 | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |