Mark Carney says things are gonna change, your bank fails you go out of business. No more bailouts.
“I’m saying no bailouts,” Carney told the CBC’s George Stroumboulopoulos in a recent interview. “The objective [is] ending ‘too big to fail’.”
Carney was recently named head of the Financial Stability Board, a recently formed international agency with a mandate to oversee the international financial system. In the interview, he says the goal is to bring global rules closer to Canada’s model.
“We’re going to change the rules so the system as a whole is more resilient,” he said. “If a big global bank fails, the system goes on. [Just] that company goes away.
