ECB’s Villeroy: Diluting financial regulation paves the way for next financial crisis
|The European Central Bank (ECB) Governing Council member and Bank of France Head Villeroy was reported by Reuters, as saying:
Diluting financial regulation paves the way for next financial crisis.
Should resist two temptations: financial complacency and protectionist escalation.
Neither the US or UK should take the path of unilateral deregulation.
Regulatory competition would be nothing less than a lose-lose scenario.
Escalation of protectionist threats by the US would dampen growth everywhere.
10% increase in tariffs would diminish world trade by double-digit figures.
That would also decrease global GDP by more than 2%.
Recent uncertainty over trade is having negative effects on investment.
Crypto-assets carry obvious risks in terms of consumer and investor protection.
There is a need for internationally-harmonized answers on cryptocurrencies.
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