Sunday, February 01, 2009

McCreevy Defends EU Record on Bank Regulation


Europe's Internal Market Commissioner says earlier initiatives to increase the banks' capital requirements have been thwarted

"Self-regulation alone is not sufficient in order to guarantee global financial market stability," said the German state secretary for finance, Jorg Asmussen at the Annual European Services Conference held in Brussels on Tuesday (27 January).

Instead, he said banks should be forced to increase capital requirements—"the shock absorbers for the whole system."

Defending his record, Internal Market Commissioner Charlie McCreevy, whose job it is to propose legislation in the area, said previous reform initiatives had consistently been thwarted.

See full Article.