Fernando Zunzunegui  (extracto de la entrevista destinada a Iberian Lawyer)

glo13 Do we need a new European or even global financial regulator?

The financial market has become a global market. The self-regulation and the soft law is not enough to discipline the financial industry and prevent the crisis. The coordination between financial regulators is a good step on the right direction. But in the current financial crisis we need a new culture to regulate the market, with a users’ perspective and the presence of global financial regulators.

 The new bodies proposed, globally by the G-20 and, in the European Union, by the De Larosière Group, are necessary to recover confidence in financial markets. Both bodies, the Financial Stability Board and the European Systemic Risk Council, are only macro-prudential supervisors. But it’s a good start in order to build in the future a global financial regulator.

UK and other countries with important financial centers are against global supervisors. They are afraid to lose their position and privileges. But we need to protect the stability of the market and the entire economy against reckless intermediaries. They have dedicated to create risk, instead of managing the risk providing financial services to end-users. The proposals of new global supervisors are a good answer to discipline this misconduct.

Finding a new approach to financial regulation, IBERIAN LAWYER, Mar/Apr 2009

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