Europe says all markets must be regulated

[Joanne98]

Source: Reuters


BERLIN (Reuters) - Europe said on Sunday it was time to get tough with tax havens and strictly oversee all financial markets as part of sweeping reforms to avoid future meltdowns.

European Union leaders met in Berlin to forge a common approach to the global economic downturn that they can take to a meeting in April of the G20, a group of rich and big emerging economies charged with reforming the rules of world finance.

They backed a doubling of funds for the International Monetary Fund, which has spent billions of dollars in recent months shoring up economies in eastern Europe and elsewhere.

They also agreed to bolster the supervisory role of the Financial Stability Forum, set up after the 1990s Asian financial crisis, and enlarge it to include emerging economies as well as rich nations.

In the United States, regulators will soon launch a series of "stress tests" to determine which U.S. banks should get bigger capital cushions in case of a deeper recession, according to a source familiar with President Barack Obama's plans.



Read more: http://www.reuters.com/article/topNews/idUSSP42335720090222

[FreakinDJ]

1. Ya Think !!!!

[Zynx]

2. I'm so glad things are moving this way.

One thing we need is a dramatic expansion of disclosure with regards to money management. I see little movement there so far, but I think the deluge of scandals will force some serious reform.

I think that money managers every week should have to post the receipts of all of their trades for the week. This provides a great deal more information than is currently available.

[PDJane]

3. Since the banking system is world-wide,

regulation has to be world wide, too.

There are other things that shouldn't be; for instance, the IMF needs to become something but an arm of American imperialism.

[applegrove]

4. Yes. At last. The truth.

[Alamuti Lotus]

5. Possibly decent idea from THE WRONG PEOPLE

Any program of reform, under any guise, that leaves control of the markets in the hands of the same people who create and benefit from this mess is a complete waste of time and effort intended to maintain the status quo under a more palatable disguise.

[Alamuti Lotus]

6. As an aside, two of the singularly most annoying media traits on display.....

a fairly small handful of rich businessman and lawmakers becomes "Europe said". Then there is the criminally unexplored statement that the IMF has been "shoring up economies" (no examination of what that actually entails, which if done so may lead the reader to seriously question the choice of phrase)... ugh. Just take all of these statements at face value, surely none of these organizations or government groupings have earned any kind of suspicion directed towards their activities!

[sutz12]

7. I'm not sure I like expanding the IMF

I think it's part of the problem.

However, the expanded regulation is a long time in coming. Particualarly, we need to get rid of the secret accounts. I mean, they are specifically designed to launder money and hide funds from taxes.

I've long figured that if you really wanted to do some good for the world, we should invade Switzerland and crack open the secret banks. (Only half joking :)).

[burrowowl]

8. I don't either

the IMF should be banned or restructured and be used for real reform and not for the benefit of corporate globalization