Global Banking Turmoil to Be Reviewed by Australia’s Key Financial Regulators

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Top financial regulators from Australia will meet on Tuesday to discuss the implications of market volatility. The meeting will be called by Treasurer Jim Chalmers.

After a series of phone calls between U.S. Treasury Secretary Janet Yellen and European Central Bank President Christine Lagarde, Australia’s Council of Financial Regulators will meet this week to discuss the latest developments in global banking turmoil.

Chalmers said, “It’s clear from my conversations that international authorities are prepared to do what’s necessary to reassure markets during uncertainty and volatility.”

As Australia’s Treasurer Jim Chalmers prepares to attend the World Bank and International Monetary Fund (IMF) meetings from April 10 to 16, the Council of Financial Regulators (CFR) will meet this week to discuss the latest developments in global banking turmoil.

Chalmers has been in contact with critical financial officials worldwide, such as U.S. Treasury Secretary Janet Yellen and European Central Bank President Christine Lagarde, who have both expressed a commitment to do what is necessary to stabilize markets during this period volatility.

The recent collapse of two U.S. lenders, Silicon Valley Bank and Signature Bank, and UBS’s emergency takeover of Credit Suisse has put authorities worldwide on high alert for contagion among banks.

This week’s Council of Financial Regulators meeting will focus on how Australia’s financial system can best prepare for any economic shocks from these events and how best to protect consumers from potential risks posed by global banking instability.

The gathering follows numerous other meetings between world leaders over recent days as they attempt to address issues such as rising unemployment, falling consumer confidence and liquidity problems in certain parts of the world economy that have resulted from high-profile banking failures around the globe.

With Australia being highly interconnected with international markets, its key financial regulators must be kept abreast of any significant changes occurring elsewhere.

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