Dilip K. Das(pictured), professor of SolBridge International School of Business, attended ‘Pacific Asia Financial Forum 2011’ on Wednesday and discussed the necessity of financial and regulatory reforms to manage crisis the global economies face.
At the forum he said “During the 2007-2009 global financial crisis caused massive losses in the major U.S. and European banks and created significant public costs.” He estimated losses add up to around $4 trillion.
“The crisis highlighted weakness in both the international financial architecture and national regulatory systems,” he said.
“So it is needed to have a crisis management system at the local, regional or global levels,” he added.
The professor told that the global financial crisis made it obvious that financial institutions need; to have more capital, higher liquidity, better risk management, and less leverage.
reporter
Park Sae-jin
swatchsjp@ajunews.com