ANZ Banking Group Ltd deputy chief executive Graham Hodges has called for Asian countries to play a larger role in establishing global financial rules to ensure the region has a greater say in banking regulations, according to The Australian Financial Review.
The change would better protect the region from problems in the United States and Europe, both of which have a disproportionate influence on global regulations, he argued.
“A driving influence behind this regulation has been the experience of the United States and Europe,” Mr Hodges wrote in a paper published this month by the Lowy Institute for International Policy, according to the AFR.
“While consistency in the implementation of strengthened standards is important and regulatory arbitrage should be avoided, it is important that the challenges and pressures confronting other financial systems are appropriately recognised.”