Bank for International Settlements warns financial products should be certified safe like medicines
Jun 29th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The Bank for International Settlements (BIS) known as the bank for central banks, which was founded in Basel, Switzerland in 1930, today issued its 79th Annual Report, and said financial products should be treated like medicines and sold to consumers only when they are certified safe to prevent a repeat of global financial crisis. The BIS said government efforts to revive the global economy might have only a temporary impact because banks are not being pushed hard enough to fix their underlying problems.