World's Financiers Call for Greater Global Cooperation at Euromoney Conference

Doha, December 11 (QNA) - The pace of internationalization of finance has not been slowed by the difficult economic conditions of recent years, which is increasing the contagion risk of another global meltdown, according to experts gathered in Qatar today to participate in Euromoney Conference. Speakers and panellists at the event called for greater international coordination, as well as changing behaviours on the part of local financial institutions and markets, in response to these new threats. Governor of Bank Negara Malayisa Zeti Akhtar Aziz, who spoke of the urgent requirements for greater global financial stability, highlighted the impact of the internationalisation of financial systems on emerging economies, which often feel the global shocks most severely. She also highlighted the growing destabilising influence of income disparity, both within local economies and between nations, and urged international cooperation to tackle the issue. More than 600 figures from international finance gathered at the "Global Finance Re-Designed" event, which is the first in a series of initiatives organized by Euromoney and the Qatar Central Bank. Among the national strategies examined at the conference, Qatar was strongly praised by many of the speakers, particularly the recent moves to change legislation to position the Qatar Central Bank to oversee all banking, financial and insurance activity. "Euromoney Qatar" Conference aims to understand how to draw the line for the growth of credit levels, as well as the nature of the role to be played by the Gulf financial institutions in the future, in light of the changes that surround the global financial market and continued pressure and challenges facing the world's economies. A wide range of international financial institutions will participate in "Euromoney Qatar" Conference, along with prominent international delegations. (QNA)