Monday, October 12, 2009

US falls 3rd in bank ranking after UK Australia

Ranking Global Financial Leaders US losing the First place

In a ranking of financial development released by the World Economic Forum The United States went down from first to third place after the U.K. and Australia .
"There is a trade-off," said Nouriel Roubini CEO of RGE Global Monitor and co-author of the study. "Countries with more regulation in financial systems are more stable, but access to credit is much weaker."

Roubini noted that, while financial stability is important, overtime financial innovation is key to provide the necessary financing to the economy and ensure growth.

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