Global financier and philanthropist George Soros said bank regulations should be improved globally to avoid another financial crisis that may freeze the world’s economy.
"I think the way banks are regulated needs to be improved and there's a general need for better regulation," Soros said after a meeting with Vice President Boediono at his office.
Soros is touring Indonesia to visit the Tifa Foundation – which promotes an open society in Indonesia that respects diversity and honors the rule of law, justice and equality – which he finances. He was paying a courtesy call on Boediono.
Soros said the banks had failed to regulate themselves, which led to the recent global financial crisis that erupted in 2008.
"So there was a globalization of markets but there was no globalization of regulations. So now the world faces this problem; that we have to improve the regulations and mechanisms.
"Indonesia is part of this, but it’s not the center of the problem. The center of the problem is actually in America and in Europe," he said.
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