g7 nations push for code of conduct for bankers
Last Updated : GMT 04:18:21
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G7 nations push for 'code of conduct' for bankers

Arab Today, arab today

Arab Today, arab today G7 nations push for 'code of conduct' for bankers

German Finance Minister Wolfgang Schaeuble (L)
Dresden - AFP

The finance ministers and central bank chiefs of the world's wealthiest nations are pushing for a "code of conduct" for banking professionals, the head of the German central bank, Jens Weidmann, said Friday.

The Bundesbank chief said the Group of Seven nations -- Britain, Canada, France, Germany, Italy, Japan and the United States -- were "encouraging" the Financial Stability Board to "start work on such a code."

The FSB is an international body that monitors and makes recommendations about the global financial system.

It is based in the Swiss city of Basel and headed by Bank of England governor Mark Carney.

The banking sector has come under fire worldwide in the wake of a wave of different scandals such as the rigging of interest rates and foreign currency markets.  

Speaking at a news conference following a meeting of G7 finance ministers and central bank governors, Weidmann said the code would have it limits and would remain a voluntary one.

"It's clear that regulation and supervision have their limits. But at the end of the day it's about personal integrity," Weidmann said.

 

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