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Overseer ‘is needed for all of Europe’
18 Mar 2009A pan-European regulator to set national standards and oversee supervision of the banking system was among the demands made by Lord Turner today.
He also sought greater global co-ordination in monitoring banks, saying: “We have a global financial system but no global government.”
Turner said current European laws that give banks the right to operate branches in other countries are “unsafe and untenable”. He highlighted the collapse of Icelandic bank Landsbanki, which owned UK internet bank Icesave.
“The issue is whether the response should be more European co-ordination or more national powers. We propose both,” he said.
Turner called for a new European institution with legal powers to set standards and co-ordinate supervision.
Reader views (2)
Ah, if only it had been a "UK internet bank" (and thus a subsidiary) and not just a branch of the Landsbanki. That's the crux of the problem which besieges us.
- Elías Halldór, Reykjavík, Iceland, 07/01/2010 08:39
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The City of London needs a pan-european regulator like it needs a hole in the head. What stockbrokers,etc need is zero external regulation and a swift return to pre-Big Bang internal regulation similar to LSE surveillance practices backed up my stringent professional insurance covers protecting all & sundry from the likes of Madoff, etc.
- Richard Hoblyn Fsi, Limoges, 07/01/2010 07:39
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