Tighter regulations for banking sector

Finance ministers in the Commonwealth are calling for tighter regulations in the world\'s banking sector.



The ministers, who concluded a summit in St. Lucia yesterday, believe that the absence of tight regulation in financial institutions is one of the leading factors contributing to the current economic crisis.



They have also called for discussion on the reform of international institutions such as the International Monetary Fund (IMF).



The ministers are insisting that global regulatory responses are needed to address the situation.