Mario Draghi’s ‘whatever it takes’ does not contain what it takes to save Europe’s economy

Sir I refer to Gideon Rachman’s “‘Whatever it takes’ may not be enough to save the euro” April 8. I do not opine about the euro or even Europe, but since I am sure that Mario Draghi’s “whatever it takes” does not include getting rid of the risk-based capital requirements for banks that so distorts the allocation of credit, I know it will at least not save the European economy.

Unfortunately, Mr. Draghi, like so many other, seems unable to admit to this monstrous regulatory mistake that he, as a chairman of the Financial Stability Board, have endorsed for many years… and that’s what it would take to stand a fighting chance.

As is European banks are to drown in increasingly dangerous excessive exposures to "infallible sovereigns", the housing sector and the AAAristocracy, while the job creating medium and small businesses, entrepreneurs and start-ups, are like old soldiers fading away because of the lack of bank credit.

Sir, the dumb and sissy bank regulators of the Basel Committee, pose a bigger threat to Europe than let us say about 10 Russian Putins put together.