Leading world banks have called upon financial authorities in emerging markets to meet periodically with foreign creditors to avert panic flights of capital.

William R. Rhodes, vice chairman of Citigroup, said the proposal and others aimed at strengthening risk management and financial reform in emerging markets represented "a new architecture for crisis prevention."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.