Special Report:Global Financial Crisis
PANAMA, Nov. 18 (Xinhua) - The Latin American Banking Federation (Felaban) on Tuesday urged regional regulators and managers to take an innovative, prudent role in maintaining financial stability,
At the Felaban annual assembly, which began Sunday, the organization affirmed that banks in the region are solid, liquid and solvent.
In the Declaration of Panama, the Felaban said that the international financial crisis, as well as the subsequent recession in the real sector of the world economy, did not begin in Latin America.
The Latin American financial systems have fully implemented the strictest norms of bank prudence. The economic crisis should be solved by the free flow of trade, not by protectionism, Felaban said.
Felaban called for the World Bank to act with maximum responsibility for the financial needs of the region.
The group added that it will continue to lead initiatives to strength the financial system of the region.
The Felaban governors also presented a series of self regulations for banks that will be considered by the bank associations of the countries in the region.
The new Felaban president, Brazilian Ricardo Villela Marino, pointed out that it is important for the region to make a joint effort to fight the global crisis.
