More has to be done in global financial reforms

Uri Dadush, Director of International Economics of Carnegie Endowment for International Peace said in an interview with chinadaily.com.cn that reforms done at the level of individual countries will help perfect the surveillance mechanism for financial institutions to fight against the current crisis.

However, he doesn’t see this agreement on reforms be done at the G8 or G20 meetings, though they can help. He expects more reforms coming from the European economies and praises the US efforts in putting forward some reform proposals.

Dadush says he agreed on the conclusion that lack of effective regulation and surveillance on financial institutions led to the financial crisis. And he expects possible resistance on reforms of some regimes.

“More has to be done to restrain the reckless risk-taking behavior on the part of financial instritutions and we’re moving on the right direction,” he says.

Uri Dadush was in Beijing Friday for the Global Think Tank Summit as one of representatives from over 100 top-notch think tanks across the world.

Story: Du Wenjuan | Video: Christie Lee