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New European Banking Authority Required According to US Federal Reserve President

Published: 9th September 2013

Paul Volcker the former US Federal Reserve President has said that large financial institutions in Europe need to be moderated by a public institution, so they can cause less damage to a country's economy. This statement was made by Volcker during a press conference on the new International Financial Framework organised by the Aspen Institute Spain and was held at the Madrid headquarters of BBVA and chaired by Javier Solana.

The Bank of Mexico's Governor, Agustin Carstens has said in order to reduce and also possibly avoid bank bailouts is to apply new laws that raise the minimum capital ratio's and provision required by these institutions. He also said the financial sector needs to be regulated with careful supervision, to ease the cost of the crisis to the general public.

Also, the former president of the Brazil Central Bank, Henrique Meirelles, professed that in order to prevent a future financial crisis regulations should be tightened as the tax payers money is at stake if the state has to constantly save institutions in trouble. “Taxpayers are wondering why bank profits are private and the losses are a public problem,” he said.

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