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.
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