The International Monetary Fund urged a new system of government oversight of big hedge funds, private-equity firms and other financial firms whose failure poses a major risk to the global economy, along with other moves to dramatically widen the scope of international financial regulation.
The IMF, which the global recession has turned into a major player in financial rescue plans around the world, is suggesting governments adopt a "binding code of conduct across nations" to coordinate how and when they would intercede in troubled firms, and how to share losses from major financial institutions that operate across borders.
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