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CEBS publishes its report mapping supervisory objectives and powers across EU Member States

Am I alone in thinking that there is something not quite in the real world about these ongoing announcements from CEBS?

(there is no point in reading this if you don't know what CEBS is!)

Anyway, here we have CEBS yet again setting out or "mapping" (how I hate that word, when it doesn't refer mountains or lochs); objectives & powers, processes & targets for itself ....

The de Larosière Group Recommendations

The advice to EU president Barrosso from the De Larosiere Group. This report is published as the world faces a very serious economic and financial crisis. The European Union is suffering. An economic recession. Higher unemployment. Huge government spending to stabilize the banking system – debts that future generations will have to pay back. Financial regulation and supervision have been too weak or have provided the wrong incentives. Global markets have fanned the contagion. Opacity, complexity have made things much worse. Repair is necessary and urgent. Action is required at all levels – Global, European and National and in all financial sectors.







“De Larosiere Report” - IN THE NAME OF THE ROSE

Looking at regulatory restructuring of the world's finances, the metaphor of the Titanic and rearranging deckshairs comes to mind, but when considering the policy institutions of Europe, US the rest of the world, a certain film seems more appropriate. When all else is up in the air and being restructured with the whole world on the floor, this is the time for the men of big ideas to make their career-defining moves, as is happening with all financial regulatory organisations. The past-masters at this are undoubtedly the pragmatic ironic British and the paradoxical French alongside dutiful 'can do' Americans followed some way back by others like the baroque Italians, and the theoretically-thorough Germans. As a regulatory risk expert and Cambridge-educated I have much empathy with the political-economy diplomats in international organisations from the Grand Ecole mandarinate of France, among whom I count many friends in various pan-European and global networks, a few shadow versions of which I've helped in over the years.

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