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French finance minister warns US against unilateral bank deregulation

By REUTERS

JANUARY 20, 2017 12:01

DAVOS, Switzerland, Jan 20 - France's finance minister has cautioned incoming US President Donald Trump against taking unilateral steps to deregulate the US financial industry, stressing the need for international coordination.

In an interview with Reuters at the World Economic Forum in Davos, Finance Minister Michel Sapin said regulations agreed among G20 countries in the aftermath of the global financial crisis were vital to prevent future turmoil and could not be reversed by a single member.

"Each government is obviously free to have fiscal, competitiveness and corporate policies," Sapin said. "But on financial regulation issues, there is international cooperation."

Sapin added that unilateral moves by Washington "would not be welcome and to a certain point would not be possible."

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