FSB Favorite Carney May Not Have to Label Canada Banks Systemic

Bank of Canada Governor Mark Carney emerged from a meeting of Group of 20 officials in Paris as the leading candidate to oversee efforts to rewrite new rules for international finance that some lenders claim may slow lending and hurt growth.

Carney is favored to take the helm of the Financial Stability Board, the body charged by the G-20 to make recommendations for global financial reform and monitor progress. He would replace Bank of Italy Governor Mario Draghi, who becomes president of the European Central Bank next month, according to two officials attending G-20 meetings in Paris on Oct. 14 and Oct. 15, who spoke on condition of anonymity because a decision hasn’t been made.