The UK and Germany believe that a new international system regulating the financial sector must be constructed to prevent a repeat of global banking crisis in the future. Peter Steinbrueck, Germany's Social-Democrat finance minister, raised on Sunday (21 September) the idea of "an international authority that will make the traffic rules for financial markets," while speaking to German radio, Reuters reports. One government alone cannot deal with the consequences of globalisation Meanwhile, UK Prime Minister Gordon Brown is to outline proposals for just such a body, run under the authority of the International Monetary fund, in a speech to the Labour Party conference on Monday, as well as domestic plans to crack down on "irresponsible" bonuses handed out in the City, London's financial quarter. "I think what people haven't appreciated is we've now got global financial systems but we've only got national regulators to cover them," Mr Brown told the BBC ahead of the speech, adding that he had been trying to convince his international counterparts for years of the need for "a global system of financial regulation."
The UK and Germany believe that a new international system regulating the financial sector must be constructed to prevent a repeat of global banking crisis in the future.
Peter Steinbrueck, Germany's Social-Democrat finance minister, raised on Sunday (21 September) the idea of "an international authority that will make the traffic rules for financial markets," while speaking to German radio, Reuters reports.
One government alone cannot deal with the consequences of globalisation
Meanwhile, UK Prime Minister Gordon Brown is to outline proposals for just such a body, run under the authority of the International Monetary fund, in a speech to the Labour Party conference on Monday, as well as domestic plans to crack down on "irresponsible" bonuses handed out in the City, London's financial quarter.
"I think what people haven't appreciated is we've now got global financial systems but we've only got national regulators to cover them," Mr Brown told the BBC ahead of the speech, adding that he had been trying to convince his international counterparts for years of the need for "a global system of financial regulation."
It's not a bad idea though, no?
He's also therefore avoiding having to announce anything concrete that will damage his relationships with his chums in the City. After all he may be in need of a directorship or two in the near future. keep to the Fen Causeway
i) postponing any decisions for a couple of years, ie after the election so he doesn't have to worry about it. A deferred policy change is as good as no policy change.
ii)by the time they come to a decision, all of the fallout will be over and, if still in power, he can portray it as an unwarranted intrusion of the EU into the profitability of the City institutions that makes Britain a world leader blah blah.
Basically, he gets to be seen to be supporting the idea of change whilst whole-heartedly resisting it. There's a whole lot of lobbying, parties, favours, golf trips and bribes from deep deep pockets to be done before "decisions" are made. Just remember how effective Mandelson is at ensuring that all regulations and controls on trade reflect Anglo-American priorities rather than protecting the european public from the rapacious scum preying upon them. keep to the Fen Causeway
And anyone who thinks any of these bastards have really learnt their lesson need only remember that Barclays are gonna pay $2.5 billion worth of bonuses to Lehmans staff for driving their company into bankrupcy. they're very sorry for 5 minutes and then when everybody's backs are turned they'll be at it again and regulation will be the enemy of "innovation", profits and bonuses; same as it ever was. keep to the Fen Causeway
That's only $10,000 to 250,000 people for a half year of house payments or health insurance perhaps.
One the other hand, 2.5 billion is only 250 x 10 million dollar yachts. Yachts that size are actually the tiny 30 meter ones. But think of all the employment that will bring. The skilled builders and painters and repair engineers flying all over, and a few of crew around all year and more for those few weeks and all those weekends that the owner is actually aboard.
Monaco Yacht Show starts tomorrow. Come on down. Never underestimate their intelligence, always underestimate their knowledge.
Frank Delaney ~ Ireland
