Business News
ECB pushes for tighter world regulation of markets
Nov 13, 2008, 16:15 GMT
Frankfurt - The European Central Bank (ECB) pushed Thursday for tougher regulation of financial markets and closer links among central banks as remedies for the global financial crisis.
Lucas Papademos, the ECB deputy president, told a conference, 'The worst financial crisis in decades has made clear that coordination between central banks and regulators is necessary.'
He was speaking at a meeting in Frankfurt of European central bankers on the lessons and challenges posed by the euro.
The conference marks the 10th anniversary of the launch of the currency in 1998. The euro zone nations and their constituent states continue to have central banks of their own to distribute currency.
The chairman of the US Federal Reserve, Ben Bernanke, and ECB President Jean-Claude Trichet were to take the podium together on Friday, the second and last day of the meeting.
Papademos said global coordination was needed both to manage crises and prevent new ones.
Economists said the current crisis, which was triggered by excessive lending to people who could not afford loans, particularly poorer US home buyers, was largely the consequence of inadequate regulation.
The troubles, which had been growing since summer last year, showed that 'financial markets did not hear the earlier warnings or did not want to,' Papademos said.
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DiogenesNov 13th, 2008 - 17:59:52
RE:''Economists said the current crisis, which was triggered by excessive lending to people who could not afford loans, particularly poorer US home buyers, was largely the consequence of inadequate regulation.''
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A layoff will not work if the bookies are not being honest with each other. Follow the links:
en.wikipedia.org/wiki/Bookmaker
books.google.com/books?id=j1RhV7YcZawC&pg=PA10&lpg=PA10&dq=gambling+lay off&source=bl&ots=jQYQ_1tQoh&sig=DTaJXYR8Y8vTJSdV0qJaffGoqLc&hl=en&sa=X&oi= book_result&resnum=6&ct=result#PPA10,M1
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RE:''Lucas Papademos, the ECB deputy president, told a conference, 'The worst financial crisis in decades has made clear that coordination between central banks and regulators is necessary.''
And, both 'central' bankers and the regulators would find this task much simpler if there were only one currency to keep track of. I wonder what they plan to call our newly minted one world currency. It will need to be a name that has some gravitas without sounding anything like an older currency names or seems to favor one nation over the other. I know! We'll call it the Gaia. It could have the motto, 'The Planet We Cherish' or some other such.
It will, of course, need to be a kinder-gentler kind of currency than that nasty old dollar. That means that the Gaia will be yet another fiat currency.
Arab leadership should read up on this guy:
en.wikipedia.org/wiki/Thomas_Gresham
And his law:
en.wikipedia.org/wiki/Gresham's_law
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