topics
tools
Expatica countries
Index Last Var.(%)
BEL 20 2119.44 0.28
DAX 6339.94 0.38
IBEX 30 6543 0.13
CAC 40 3047.94 0.32
FTSE 100 5351.53 0.03
AEX 292.76 0.23
DJIA 12454.83 -0.60
Nasdaq 2837.53 -0.07
FTSE MIB 13154.8 0.36
TSX Composite 11576.47 0.09
ASX 4081.2 -0.61
Hang seng 18713.41 0.25
Straits Times 2772.75 -0.24
ISEQ 20 500.94 1.55
You are here: Home News European News European bank pushes for tighter regulation

European News

archive
Enlarge font Decrease font Text size


14/11/2008European bank pushes for tighter regulation

The European Central Bank says banks around the world must coordinate to manage the current economic crisis.

14 November 2008

FRANKFURT - The European Central Bank (ECB) pushed Thursday for tougher regulation of financial markets and closer links among central banks as solutions for the global financial crisis.

Lucas Papademos, the ECB deputy president, told a conference, "The worst financial crisis in decades has made clear that coordination between central banks and regulators is necessary."

He was speaking at a meeting in Frankfurt of European central bankers on the lessons and challenges posed by the euro.

The conference marks the 10th anniversary of the launch of the currency in 1998. The euro zone nations continue to have central banks of their own to distribute currency.

The chairman of the US Federal Reserve, Ben Bernanke, and ECB President Jean-Claude Trichet were to take the podium together on Friday, the second and last day of the meeting.

Papademos said global coordination was needed both to manage crises and prevent new ones.

Economists said the current crisis, which was triggered by excessive lending to people who could not afford loans, particularly poorer US home buyers, was largely the result of insufficient regulation.

The troubles, which grew since summer 2007, showed that "financial markets did not hear the earlier warnings or did not want to", Papademos said.

[DPA / Expatica]


0 reactions to this article

Be the first person to add a comment

General rating: Not rated yet

Rate article:    Add my rating



0 reactions to this article

Be the first person to add a comment
Discussion Forums

Australians in Germany

BUY FAKE PASSPORT, DRIVING LICENSE,ID CARD

Irish in Germany

BUY FAKE PASSPORT, DRIVING LICENSE,ID CARD

Canadian in Germany

BUY FAKE PASSPORT, DRIVING LICENSE,ID CARD

Discuss German Culture

BUY FAKE PASSPORT, DRIVING LICENSE,ID CARD

Americans in Germany

BUY FAKE PASSPORT, DRIVING LICENSE,ID CARD

participate in the forums

Inside Expatica
The ABCs of the German school system

The ABCs of the German school system

What you need to know about German schools and daycare.

German immigration and residency regulations

German immigration and residency regulations

Want to move to Germany but haven’t figured out the details? Check out Expatica’s overview of the German permit system.

Driving in Berlin: Rules, habits and fines

Driving in Berlin: Rules, habits and fines

In part one of our two part series, we cover the driving culture in Berlin, where to park and buy gas and, most importantly, the laws.

Looking for work in Germany: The in depth version

Looking for work in Germany: The in depth version

Our comprehensive guide includes information on how to find work, recruitment agencies, employment contracts and labour law.