Hopefully no bailouts will be given if the banks get into trouble.
Any deregulation should come with relevant liability risks. But if I’m being cynical, fat chance it will happen.
Out with the garden, in with the crops.
Is this about DORA?
“We are concerned about future geopolitical risks, so we ask that Banks not be required to account for future risks properly”
YES, we really need a 2008 type financial crisis on top of the energy crisis!!!
Ask iceland what that does.
Reagan-Thatcherite deregulation never hurt nobody. /s
All the heavy regulations and restrictions are killing the business. Pouring money into corrupt institutions only makes the corruption in EU deeper. Really free market = a prosperous economy. The heavy EU burocracy stops all the innovation development. Is it really that strange that EU is in the current situation? Even the children know that to be competitive you have to be free so you can concentrate entirely over your work and not thinking about problems that doesn’t even exist.
This ended well last time……….
Here we go again…😒😒😒
Jaysus no no no. The financial industry needs even tighter control (I work in such), in particular a forced break out similar to the Glass-Steagall Act in US legislation.
Sure, because that worked so well the last time.
Hell no!
They are lost in the sauce
When you can’t compete deregulation is all that you can really do. Even Without Trump, EU centres are low down in the Top 20. Sydney which isn’t exactly on people’s lips when it comes to financial centres is above most of them with only Paris above.
what could go wrong? it isn’t like deutsche bank is in the business of laundering money
It’s already fucking underregulated, what more do they want?
I see the bribes came in early this year
>the countries believe the EU should change tack on its rollout of global bank capital standards, after delays of the same rules in the U.S. due to heavy lobbying from the banking industry.
So it’s not about deregulation but modifying new rules.
Great. If the free market is the solution, please let the government of the biggest country among those sell the rest of their Commerzbank shares, just to prove the point they’re trying to make here.
What could possibly go wrong?
Neoliberals are gonna neoliberal. This is the path that America followed in the 80s, 90s and 00s. Championed by Reagan, Clinton and both Bushes.
Absofuckinglutely NO.
When they fail, do you think we can just let them fail in a world where Xi and Putin are just looking to swoop on, one through financial means and one through force?
Look, total global market freedom has come to an end as an idea. It doesn’t work when the whole world isn’t playing by the same rules.
Regulation must be in place so that our banks do NOT fail. The opportunity cost is less than the price of failing.
Hey, Macron, how’d that end last time? Oh yeah, the 2008 recession.
EU’s banks know what toilet paper is used by clients at this point already
This letter is quite vapid and limited to some minor suggestions – mostly not to adopt even more rules.
If you will let them ,they will chase personal gain at the expense of the rest of society.
This not something new, this has happend for a very very long time, at just about evey point of history in every part of the world.
This is neither a mystery or a surprise, its human nature.
They real mystery is why we keep on letting this shit happen over and over.
This can’t end well.
It could end up being 2008 all over again…
Demember guys, this is how Palpatine was able to grab power in star wars. Because the banks got deregulated and the entire republic got into dept due to war. So they just handed palpatine the keys to the kingdom.
People in this comment section don’t know how overregulated banks are, especially smaller banks. The amount of pointless reports and assessemnts even small banks need to make just so some auditor can tick them off a list is insane. Like I would bet that some 40% of total jobs/work time in banks is stuff that no reasonable bank in the absence of regulation would do.
ELI5
The only reason we are not in a bigger sh*t storm now is because of the regulations applied after 2008 disaster. 2008 was a time bomb because of the deregulation in the 80s. We deregulate now, and we will never recover from the next guaranteed financial disaster
So basically review FRTB, NSFR, CRR5/CRD6, securitization regulation, ESG package, proportionality in lvl 2/3 texts. Nothing major but the irony is staggering: the same countries validated the finalisation of Basel 3 (knowing well the capital impact in the EU), then drafted EU regulations accordingly and have predominant places at the EBA for RTS/guidelines drafting and adoption.
34 comments
Hopefully no bailouts will be given if the banks get into trouble.
Any deregulation should come with relevant liability risks. But if I’m being cynical, fat chance it will happen.
Out with the garden, in with the crops.
Is this about DORA?
“We are concerned about future geopolitical risks, so we ask that Banks not be required to account for future risks properly”
YES, we really need a 2008 type financial crisis on top of the energy crisis!!!
Ask iceland what that does.
Reagan-Thatcherite deregulation never hurt nobody. /s
All the heavy regulations and restrictions are killing the business. Pouring money into corrupt institutions only makes the corruption in EU deeper. Really free market = a prosperous economy. The heavy EU burocracy stops all the innovation development. Is it really that strange that EU is in the current situation? Even the children know that to be competitive you have to be free so you can concentrate entirely over your work and not thinking about problems that doesn’t even exist.
This ended well last time……….
Here we go again…😒😒😒
Jaysus no no no. The financial industry needs even tighter control (I work in such), in particular a forced break out similar to the Glass-Steagall Act in US legislation.
Sure, because that worked so well the last time.
Hell no!
They are lost in the sauce
When you can’t compete deregulation is all that you can really do. Even Without Trump, EU centres are low down in the Top 20. Sydney which isn’t exactly on people’s lips when it comes to financial centres is above most of them with only Paris above.
what could go wrong? it isn’t like deutsche bank is in the business of laundering money
It’s already fucking underregulated, what more do they want?
I see the bribes came in early this year
>the countries believe the EU should change tack on its rollout of global bank capital standards, after delays of the same rules in the U.S. due to heavy lobbying from the banking industry.
So it’s not about deregulation but modifying new rules.
Great. If the free market is the solution, please let the government of the biggest country among those sell the rest of their Commerzbank shares, just to prove the point they’re trying to make here.
What could possibly go wrong?
Neoliberals are gonna neoliberal. This is the path that America followed in the 80s, 90s and 00s. Championed by Reagan, Clinton and both Bushes.
Absofuckinglutely NO.
When they fail, do you think we can just let them fail in a world where Xi and Putin are just looking to swoop on, one through financial means and one through force?
Look, total global market freedom has come to an end as an idea. It doesn’t work when the whole world isn’t playing by the same rules.
Regulation must be in place so that our banks do NOT fail. The opportunity cost is less than the price of failing.
Hey, Macron, how’d that end last time?
Oh yeah, the 2008 recession.
EU’s banks know what toilet paper is used by clients at this point already
This letter is quite vapid and limited to some minor suggestions – mostly not to adopt even more rules.
If you will let them ,they will chase personal gain at the expense of the rest of society.
This not something new, this has happend for a very very long time, at just about evey point of history in every part of the world.
This is neither a mystery or a surprise, its human nature.
They real mystery is why we keep on letting this shit happen over and over.
This can’t end well.
It could end up being 2008 all over again…
Demember guys, this is how Palpatine was able to grab power in star wars. Because the banks got deregulated and the entire republic got into dept due to war. So they just handed palpatine the keys to the kingdom.
People in this comment section don’t know how overregulated banks are, especially smaller banks. The amount of pointless reports and assessemnts even small banks need to make just so some auditor can tick them off a list is insane. Like I would bet that some 40% of total jobs/work time in banks is stuff that no reasonable bank in the absence of regulation would do.
ELI5
The only reason we are not in a bigger sh*t storm now is because of the regulations applied after 2008 disaster. 2008 was a time bomb because of the deregulation in the 80s. We deregulate now, and we will never recover from the next guaranteed financial disaster
So basically review FRTB, NSFR, CRR5/CRD6, securitization regulation, ESG package, proportionality in lvl 2/3 texts.
Nothing major but the irony is staggering: the same countries validated the finalisation of Basel 3 (knowing well the capital impact in the EU), then drafted EU regulations accordingly and have predominant places at the EBA for RTS/guidelines drafting and adoption.