12-02-2009
12-02-2009Speech Charlie McCreevy, European Commissioner for Internal Market and Services - The Credit Crisis – Looking ahead | ||
| There is no shortage of analyses of what went wrong in the world's capital market over the past eighteen months. But what is clear is that it was no one thing but a rather complex set of relationships, interactions, events, and omissions on the part of many different actors. In the case of legislators, I am convinced that over the years there has been too much "regulatory capture" by the sell side of the financial services market: Their lobbies have been strong and powerful. By contrast there has been too little engagement on the buy side. That is an imbalance that legislators must be much more conscious of. A second problem for regulators, supervisors, and indeed, credit rating agencies was the pressure on the availability of adequate resources. Read more |
