Francisco González, chairman of Spanish bank BBVA, has called for a single European financial regulator to manage the risks of cross-border banking and criticised greedy executives for focusing on their bonuses rather than the long-term future of their institutions.
In an FT.com video interview, Mr González – whose bank has climbed into the world’s top 10 by market capitalisation during the crisis – said global banks and global markets required global regulation. While that was impossible for the time being, single regulators and supervisors were needed in the US and in Europe. “At the end of the day if you want to have a real European market we need a sole regulator, a sole supervisor, and probably those should be very close to or even inside the European Central Bank,” he said.
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