IMF warns banking reform has not made enough progress

Banking reforms aimed at preventing another financial crisis have failed to make enough progress, the boss of the International Monetary Fund has warned.

IMF managing director Christine Lagarde blamed a combination of the complexity involved, industry lobbying and "fatigue" for the delay.

"The industry still prizes short-term profit over long-term prudence," Ms Lagarde said at a conference on the future of capitalism.

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