Foreign Policy Blogs

European Commissioner: Financial Regulators 'aided and abetted' crisis

European Commissioner Charlie McCreevy, has delivered a stinging criticism of the financial regulation system (over which the Commission, incidentally has significant oversight power). He accused them of having tolerated relaxed lending practices and the accumulation of unsustainable debt by households, individuals and companies. Mr. McCreevy said there would soon be Commission action regarding the regulation of hedge funds and private equities as well as limitation of Executive pay.

0001d79710dr Internal Market Commissioner Charlie McCreevy
(Postscript on 28th Feb: I should have mentioend the High-Level Group on Financial Supervision in the EU, which was chaired by former Bank of France governor Jacques de Larosiere, published on Wednesday which made 31 recommendations on how to strengthen supervision of financial institutions and markets. You can read more details here. )

 

Author

David Garrahy

David Garrahy works in Brussels monitoring European Union activites. He is originally from Ireland and studied a Degree in Law & European Studies at the University of Limerick before earning a Masters in Globalisation at Dublin City Universty. Previously he has worked in the Irish Department of Foreign Affairs, the European Commission and as a Legislative Aide for an Irish Senator. His involvement in the EU has included working for the Irish Forum on Europe and campaigning in Referenda in favour of the Nice & Lisbon Treaties.

Area of Focus
Europe; Globalisation; European Comission.

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