Cooperation between developed nations and emerging economies is required for reform of financial regulations, said U. S Federal Reserve Chairman Ben Bernanke.

"On a global level, the leadership of the Group of 20 (Nations), which Korea is currently chairing will be essential in ensuring that reforms are not only strong and effective, but also consistent and coordinated across countries," said Bernanke, speaking at the 60th anniversary of the Bank of Korea.

Emerging economies had "become increasingly important in the global trading and financial systems," Bernanke said. He further said that the world "will depend on them even more to maintain strong domestic growth and economic and financial stability."

It was also said by Bernanke that emerging nations would also have a "key role … in the important efforts to reduce global imbalances in trade and capital flows."

S. Korea's chairmanship of the Group of 20 was called "a notable vote of confidence in Korea and its institutions," by him. (With Inputs from Agencies)