ToDaZeD Perspective
*runz in circles*
Europe risks falling behind the US in policing the financial system and the current crisis could prove “a wasted opportunity” to ensure its future stability, a top European Central Bank policymaker has warned.
The toughly worded comments by Lorenzo Bini Smaghi, an ECB executive board member, came as European Union leaders approved plans for a new regulatory framework that will include a “European systemic risk board” and a European system of financial supervisors.
...With global financial markets showing signs of stabilisation, “there is a risk the sense of urgency for reform fades away and nationalistic tendencies and institutional jealousies re-emerge,” Mr Bini Smaghi told a conference on financial regulation at Bocconi university in Italy.
and that would be ...uhm, bad?
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