The group representing over 450 financial institutions across the globe issued a report highlighting that regulators needed better cross-border collaboration to overcome bank failures.
The agency said that euro area sovereign debt crises lead it to announce top-level group to strengthen crisis prevention and resolution practices.
IIF managing director Charles Dallara said, "We need to learn the lessons of the Greek crisis and the broader Euro Area sovereign debt crises to contribute to important improvements in crisis management. The goal of the committee is to develop concrete proposals to enhance crisis prevention and resolution practices."
The participants of the committee include representatives from BNP Paribas, Credit Suisse Group, Chairman of the European Union’s Economic and Financial Committee, President of the Eurogroup Working Group and Undersecretary of Finance and Public Credit, Government of Mexico.
Bank of France governor and co-chair of the group of trustees Christian Noyer said, "The Principles provide a framework for the new committee’s deliberations as they emphasize the importance of crisis prevention and of the need for good faith voluntary negotiations in the event that a sovereign debt restructuring becomes unavoidable."
