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Radical action to fight credit crisis disc

Radical strategies to fight the credit crisis including temporary suspension of capital requirements, taxpayer-funded recapitalisation of banks and outright public purchase of mortgage-backed securities are being actively discussed by governments and central banks.

These were among possible next steps discussed in Rome on Friday at a meeting of the Financial Stability Forum, the body co-ordinating the global response to the market turmoil.

The discussion highlights the fact that global policymakers remain deeply concerned about the financial outlook and willing to explore extreme measures in spite of the stabilisation of markets following the rescue of Bear Stearns, the US investment bank.

The steps are set out in an options paper prepared for governments, banks and regulators by the FSF, led by Mario Draghi, the governor of the Bank of Italy, a copy of which has been obtained by the Financial Times.

Among the ideas floated was getting a large group of the most important banks simultaneously to disclose their financial positions based on a “common template” including information on the prices attributed to different securities

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