http://euobserver.com/9/26775
19.09.2008 @ 09:42 CET
The EU's economic and monetary affairs commissioner, Joaquin Almunia, has said Europe should not employ what he called "financial socialism" to solve the ongoing banking crisis by bailing out failing companies.
"Socialists like me, we are against financial socialism," he said, alluding to the multi-billion-dollar supports and nationalisations of recent weeks that Washington has engaged in to save a host of financial institutions it argues are "too big to fail."
Commissioner Almunia wants greater co-ordination amongst European financial supervisors.
The commissioner - a member of Spain's centre-left Socialist Workers Party - speaking at a Madrid conference organised by Spanish bourse regulator CNMV, did nonetheless say such measures were warranted where the financial system as a whole was threatened, however.
"No one can say that there won't be anyone in Europe who will have to face a solvency problem that poses a systematic risk to the financial system," he said, according to Dow Jones Newswires.
...
19.09.2008 @ 09:42 CET
The EU's economic and monetary affairs commissioner, Joaquin Almunia, has said Europe should not employ what he called "financial socialism" to solve the ongoing banking crisis by bailing out failing companies.
"Socialists like me, we are against financial socialism," he said, alluding to the multi-billion-dollar supports and nationalisations of recent weeks that Washington has engaged in to save a host of financial institutions it argues are "too big to fail."
Commissioner Almunia wants greater co-ordination amongst European financial supervisors.
The commissioner - a member of Spain's centre-left Socialist Workers Party - speaking at a Madrid conference organised by Spanish bourse regulator CNMV, did nonetheless say such measures were warranted where the financial system as a whole was threatened, however.
"No one can say that there won't be anyone in Europe who will have to face a solvency problem that poses a systematic risk to the financial system," he said, according to Dow Jones Newswires.
...