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To: bill meehan who wrote (65783)	10/1/1999 3:11:00 PM
From: Joan Osland Graffius	Respond to of 86076

Bill, >>Move into drugs and Utes reminds me of reshuffling deck chairs on the Titanic. Good line, ho ho ho. At least they are numb and warm when it tanks. <ggg> Joan

To: bill meehan who wrote (65783)	10/1/1999 3:23:00 PM
From: accountclosed	Read Replies (1) \| Respond to of 86076

Bank watchdogs must get basics right--Fed's Meyer CHICAGO, Oct 1 (Reuters) - Financial watchdogs around the world must get the basics right if they want to avoid a rerun of the global financial turmoil of the past 2-1/2 years, Federal Reserve Governor Lawrence Meyer said on Friday. Meyer, addressing a top-level conference on financial crises at the Chicago Federal Reserve Bank, said it was too early to draw firm conclusions from the firestorm that started in Asia in 1997. But he urged supervisors and regulators to make sure they are ready for when the next problem occurs. ''One of the surest lessons of history is that there will be a next crisis,'' Meyer said in remarks prepared for delivery to the conference. ''In preparation for the next round of problems, supervisors and regulators should reinforce efforts to get the basics right.'' Meyer called the mistakes that had been made in Asia and elsewhere as the crisis struck ''rather humdrum'' -- lax supervision and regulatory oversight in Asia, and a widespread mis-assessment of credit risks in industrial nations. However, he noted that at least in the United States and Europe, bank overseers had, by and large, done the right thing. ''Work must continue to determine the incremental improvements that can be put in place within the existing structure, especially including supplementing those efforts with an increased reliance on market discipline,'' Meyer said. He said the structure of bank supervision in the United States ''probably does not have to be changed very much for most banks'' but added that more work was needed to determine the right way of dealing with the growing number of U.S.-based mega-banks that have resulted from a wave of consolidation. ''Scale and complexity imply that the supervisor cannot alone accomplish the job,'' Meyer said. ''We have no choice, therefore, but to rely increasingly on market discipline as both a supplement to supervision and regulation and as a source of information to the supervisors.'' Meyer added that improving bank oversight in emerging economies required greater national expertise in the field, which could only accumulate over time. He also said that national supervisors should strive for improved cross-border cooperation. Meyer's prepared remarks did not address the outlook for U.S. interest rates. The Fed's top policymakers are scheduled to meet next Tuesday to discuss the outlook for borrowing costs in the world's top economy amid widespread expectations they will decide to leave rates unchanged -- at least for now. biz.yahoo.com