G20 must do more on financial supervision: IMF head

International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn speaks to the media during a news conference after the G20 Finance Ministers and Central Bank Governors meeting in Gyeongju October 23, 2010. – Reuters Photo

AGADIR: The Group of 20 leading economies must do more to strengthen international supervision of the financial sector, International Monetary Fund chief Dominique Strauss-Kahn said on Monday.

G20 leaders are due to meet in South Korea on Nov. 11-12 for a summit which is expected to focus on tackling imbalances in the world economy and reducing the risk of a currency war.

Speaking at a conference on human development in the Moroccan city of Agadir, Strauss-Kahn said the financial sector — blamed by many for triggering the global economic downturn — also remained a preoccupation.


"The G20 heads of state who met in London, Pittsburgh, Toronto and shortly in South Korea, said strongly and loudly for the population of the world to hear them, they will fix it (the financial sector)," Strauss-Kahn said.

"The reality is unfortunately more complex than this. The most difficult part in the field of regulation has been done."

"But more and more has to be done in the area of international supervision. You can have the best regulation in the world but if its implementation is not supervised, it will not be of any use," he said. – Reuters