The US and Europe should join forces on financial regulation to prevent Asian markets from undercutting global rules, Tim Geithner, US Treasury secretary, will say on Monday.
In outspoken remarks, Mr Geithner warns any jurisdiction looking to lure new business with softer regulations to look at the fall-out in the UK’s painful experience in the financial crisis.
“The United Kingdom’s experiment in a strategy of ‘light touch’ regulation to attract business to London away from New York and Frankfurt ended tragically,” he says in a prepared speech to a banking conference in Atlanta. “That should be a cautionary note for other countries deciding whether to try to take advantage of the rise in standards in the United States.”
http://link.ft.com/r/LVA6WW/4061CF/8A25BP/3OTUQS/M9IFLE/SN/h?a1=2011&a2=6&a3=6
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