According to Japan’s finance minister Shunichi Suzuki on Saturday, the central banks and finance ministers of the Group of Seven wealthy countries concurred that the world financial system is robust but that caution is still required.
In a joint statement, the officials vowed to remedy any regulatory vulnerabilities in the banking system that had been found as a result of recent issues at Swiss and American institutions. They also pledged to continue working closely with supervisory and regulatory agencies to track changes in the financial industry.
“We reaffirm that our financial system is resilient,” it said, citing financial regulatory reforms implemented following the 2008 global financial crisis, such as significant increases in bank capital and liquidity, an international framework for effectively resolving failing institutions, and strengthened cross-border regulatory and supervisory cooperation.
At a separate event, British financial Minister Jeremy Hunt told reporters that G7 financial leaders in Japan had “very frank and open discussions” about the difficulties they face, especially banking regulation.