Mooted as a potential new, part-time head of the Basel-based Financial Stability Board, Bank of Canada Governor Mark Carney made a major speech on the future of international regulation before the Institute of International Finance, consisting of banks, insurance companies, and global securities companies.

All of Carney’s major recommendations were embraced wholeheartedly, as shown in table 2.1. The CEOs and business leaders on the COMPAS panel agree strongly that

• it is vital to strengthen the regulation and supervision of the global financial system,
• the large ”shadow” banking system, including hedge funds, must be regulated, and
• future banking regulations, known as Basel III, will need to require greater capital reserves, greater transparency, and better surveillance than in the past.

The Bank of Canada continues to earn exceptionally high performance scores as does the Governor himself.

These are the key findings from this past week’s Internet survey of CEOs and business leaders on the COMPAS panel. The weekly business survey is undertaken for Canadian Business magazine.

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