Swedish Finance Minister Anders Borg said he won’t cave to pressure from banks or the European Union to harmonize standards and insists capital ratios in the largest Nordic economy need to be higher than those elsewhere.
U.K. Financial Services Authority Chairman Adair Turner said tougher regulations aimed at strengthening the banking system can only reduce the frequency of financial crises and taxpayer-funded bailouts.
Financial Services Authority Chairman Adair Turner gave his first indication that he is interested in succeeding Bank of England Governor Mervyn King as he laid out proposals to reshape London’s finance industry.
If you’ve ever experienced high inflation, you’re unlikely to forget it. In the decades between the end of World War II and the creation of Europe’s new currency, Germany’s central bank set the global standard for sound finance and monetary conservatism. Germany’s folk-memory tied the hyperinflation of the 1920s to the destruction of German society and the rise of Adolf Hitler. “Never again” was the idea that motivated, and to some degree still motivates, German monetary policy.
The U.K. won’t allow its lenders to be supervised by the European Central Bank, Financial Services Authority Chairman Adair Turner said in a speech designed to boost his candidacy for the top post at the Bank of England.