IMF Renews Call for Bank Levy, Global Oversight

WASHINGTON (Reuters) - The International Monetary Fund has called for a new world system to dismantle troubled financial institutions and a levy on banks to pay for it.

The IMF's statement, released on Sunday, comes ahead of meetings here this week among fund officials, the World Bank and leading nations' finance officials. It urges better international regulatory cooperation and stronger supervision.

Two years after the peak of the worst global financial crisis in generations, the IMF is seeking to keep momentum going for substantive cross-border financial reforms.

"Although important steps have been taken like Basel III ... much more remains to be done," said Jose Vinals, a senior executive at the fund. "We need to work together."

The Basel III accord on bank capital standards was finalized weeks ago. Earlier this year, the United States approved sweeping bank and Wall Street reforms. European Union nations have been moving along on reforms of their own.

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