March 07, 2011

Financial rules must do more for development…anywhere!

As a former Executive Director of the World Bank (2002-2004) I am extremely pleased to see Vincenzo La Via of the World Bank speaking up on the development angle of bank regulations. “Financial rules must do more for development countries” March 7. But, as I have done precisely that, for well over a decade, it might be appropriate to remind the readers that this is not a solely a developing country issue.

Even in developed countries those regulations, by blatantly discriminating against those perceived as more “risky”, are doing just as much harm for the development of their own small businesses and entrepreneurs.