Wouter Bos: crisis measures too late

6th November 2010, Comments 1 comment


Measures aimed at preventing a fresh economic crisis are taking too long, former Finance Minister Wouter Bos says.

In an interview with newspaper , the former Labour leader warns that the "sense of urgency" is fading amid the first signs of a timid recovery. He also warns of the financial sector's growing resistance to government efforts to introduce legislation aimed at preventing a new melt-down.

Business as usual "Everywhere in the financial sector one sees tendencies which remind one of the past. In the United States and Britain bonuses are back. So it's business as usual. Risky products are also back: derivatives and structured loans. They may be better embedded in reports and transparency statements--but the risks remain."

"Old arguments are back, too. For example: new regulations are bad and should be blocked because they hamper the financial sector's innovative energies. That's been the argument to condone a lot of bad stuff."

© Radio Netherlands Worldwide

1 Comment To This Article

  • Stuart577 posted:

    on 7th November 2010, 16:07:00 - Reply

    Dear Mr. Bos,
    When you were Finance head you had the responsibility to care for the people, the trust was in your watch. To manage the Banking Industry and what they were doing and you did not do it then.Now you complain of the same, you did not do then that is happening now.