Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-399-500"
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"en.20121120.28.2-399-500"2
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"The crisis of 2008, which has assumed global dimensions, was caused by the financial services and has revealed their weaknesses. These include gaps in regulation, ineffective oversight, opaque markets and excessively complex products. The international response has been coordinated through the G20 and the Financial Stability Board. In particular, the G20 decided upon a whole series of regulatory measures to make the financial system safer and more sustainable. Since then, amongst a lot of other measures, capital requirements for financial institutions have been strengthened, a first step towards stricter regulation of rating agencies has been taken and a new financial supervision architecture has been developed. However, in my opinion, in spite of these new regulatory frameworks, a huge part of the credit intermediation still remains insufficiently monitored and regulated. I agree with the rapporteur that the activities involved in shadow banking could have beneficial effects for the economy, contributing to better risk spreading outside the traditional banking sector, but only if this risk spreading happens in a situation of full transparency in the financial operations market."@en1
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