The European superstate moves a step closer. The Eurocrats are about to take advantage of the post-bubble chaos. We are about to get a number of pan-European agencies to regulate financial markets.
A number of new pan-European bodies should be established to beef up the supervision and monitoring of financial institutions in the region, a closely-watched high-level report recommended on Wednesday.
A taskforce, headed by Jacques de Larosière, a former French central banker, suggested that the “European Systemic Risk Council” would collate and analyse issues and information relating to systemic risk and financial stability. It would be chaired by the European Central Bank, but include representatives of central banks and financial suspervisory organisations from the EU’s 27 member states.
There should also be new “European System of Financial Supervisors”, which would provide more central co-ordination for regulators overseeing large financial institutions, but leave day-to-day supervision to the member state authorities.
That'll be because of the vast success of Federal regulation in the USA.
ReplyDeleteIn principle fair enough.
ReplyDeleteIn practice the EU has not balanced their own accounts in many years; so how do they expect to be regarded as credible regulators. Talk about a fox guarding the hen house.
Peter Schiff made the comment that the regulators have created the illusion of regulation without any of the substance; and we would better off without them and their concommittant illusions. He's got a point.
Frankly I think we need harsh laws and bounties for the legal teams achieving each successful conviction.
How about we stick to our independence and treat foreigners as the enemy then this wont happen again.
ReplyDeletePutting politicians in charge of anything just gives them the opportunity to lie and manipulate the system for self or party advantage.
Shouldn't that that also be…
ReplyDeletePutting bankers in charge of anything just gives them the opportunity to lie and manipulate the system for self and corporate advantage.
After all aren’t most if not all the World’s Central Banks just conglomerates of the World’s Private Banking System...
Just a thought…