March 19, 2010
Borg voices concern over EU bank talks
Published: 10 Nov 09 15:13 CET
Online: http://www.thelocal.se/23188/20091110/
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Swedish finance minister Anders Borg said on Tuesday that delicate negotiations to create new cross-border financial supervisory bodies to oversee banks in the European Union were at a "make-or-break" point.
- Swedish banks warned on Latvian economy (3 Oct 09)
- Budget bill sees Sweden shedding more jobs (21 Sep 09)
"The most important part of the (exit strategy) is building the new financial supervisory infrastructure," said Swedish Finance Minister Anders Borg after a meeting of EU counterparts.
Borg warned failure to reach a deal would be "very problematic for Europe," adding: "That is the make or break issue."
"If we don’t have a decision in December, on the whole package, both the macro and the micro supervision, then I have to say we have not drawn the right lessons from the economic crisis.
Britain in October blocked EU financial reform proposals it said impinged on its fiscal sovereignty.
Agreement will only come after the London parliament revisits the issue after ministers agreed then to allow "further political negotiation."
The British Treasury has said it wants to preserve the City of London's status as the most powerful financial centre in Europe and fears that current proposals risk leaving loopholes that could undermine that status.
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The German proposals are very good and will help Europe to avoid an economic crisis as has just occurred.
Banking regulation needs to be completely overhauled.
it needs to overhauled and have a check and balance system. as we all know that if the banking system goes unchecked these things will happen over and over again. the british treasury doesn't want to loose it's power to this new regulation(socialist regulation)and you have to remember that the usa treasury and the uk treasury sleep in the same bed! they are capitolistic states!
It is not socialist regulation. It is nothing to do with socialism or capitalism.
It is purely to do with banks prioritising greed at the expense of nations. Every banking director knows that the present reulation is a joke and will use that to line there pockets at the expense of the nation in General.
All European states are capitalist. Take a look at how many multinationals have been created in Europe. Anyone who thinks Europe is not capitalist has not been to europe, is deluded or insane.
In Sweden, Swedbank needs to be nationalised and its entire staff above branch manager fired and removes its entire method of doing business. The same applies to Allied Irish bank in Ireland. As for the US banks, so many of them have failed it is ridiculous.
The entire banking system in the USA, Italy, United Kingdom, Ireland and Iceland need to be dismantled and rebuilt. There is no point claiming they will change, with the same people running the banks.
There needs to be heavy regulation of the banks to stop them from destroying the capitalist system.
All banks need to be regulated to the point they have to back up investments and speculation with assets.
When the banks started to crash, they stopped arranging capital for small to medium sized business's with full order books. That action made millions unemployed.
The choice is, either regulate the banks or destroy capitalism. I know which side I am on.