Secretariat of the European Systemic Risk Board… wow!
Sir on April 8, 2010, in the Financial Times I read the European Central Bank seeking candidates to occupy several positions in the Secretariat of the European Systemic Risk Board, “established with the purpose of identifying, monitoring and assessing potential risks to financial stability in the EU that arises from macroeconomic and financial developments”. I had to say wow! ... and cut it out to save it as a memento.
When will they ever learn? They set up the Basel Committee, which allowed those truly miniscule capital requirements like 1.6 percent so that helped already big banks grow to be the too-big-to-fail banks and they empowered the credit rating agencies so much that half of Europe followed them to dig nonexistent subprime gold in California… and they do not yet even know, much less accept, that they were themselves the largest creators of systemic risk.
And ECB wants to send out a message that they’ve got Europe’s systemic risks under control? Who is going to tell ECB that the candidates most likely to be useful in such a monumental quest are probably the least likely to be accepted by them?
When will they ever learn? They set up the Basel Committee, which allowed those truly miniscule capital requirements like 1.6 percent so that helped already big banks grow to be the too-big-to-fail banks and they empowered the credit rating agencies so much that half of Europe followed them to dig nonexistent subprime gold in California… and they do not yet even know, much less accept, that they were themselves the largest creators of systemic risk.
And ECB wants to send out a message that they’ve got Europe’s systemic risks under control? Who is going to tell ECB that the candidates most likely to be useful in such a monumental quest are probably the least likely to be accepted by them?
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