Wouter Bos: crisis measures too late
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."
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