Christine Lagarde, the managing director of the International Monetary Fund, has warned that “a fierce industry pushback” by the financial sector is delaying much-needed reforms and risks destabilising the global economy.
Ms Lagarde told a London conference on “inclusive capitalism” yesterday that progress on building a safer system had been “too slow”, mainly because of industry attempts to halt introduction of tougher rules.
She also hit out at continued misconduct in financial services and said the industry had “not changed fundamentally in a number of dimensions”, reeling off a list of scandals including money laundering and the manipulation of Libor.
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