IMF calls for coordination across countries

In a recent article at Financial Times, they state that the IMF warned banks that they should have a binding international code of conduct to influence behavior of banks when financial crises stretch across borders. They also took the blame for failing to provide leadership.

In a major study of the lessons learned from the financial crisis, the IMF also accepted blame for missing the dangers arising from weakly regulated financial institutions and admitted it had failed to provide global leadership.

But the fund argued that global economic imbalances, notably the huge current account deficit in the US and corresponding surplus in China, had played only a secondary role in creating the crisis.