Europe, why would you like to hand over dictatorial monetary policy to a failed bank regulator, like Mario Draghi?

Mario Draghi as the former chair of the Financial Stability Board obviously thought it ok for banks to be able to leverage their capital (equity) a mindboggling 62.5 times to 1 when lending to anything private that had an AAA credit rating or to a sovereign rated like Greece. If such craziness had been displayed in any other profession he would be long gone. Amazingly, Draghi got promoted to chair of the European Central Bank.

And now, on top of it all, Edward Luce complains about Draghi’s lack of powers, “Blinded EU can learn from one-eyed US” October 6.

I just don’t get it. In Europe, where banks are so much more important to the financing of enterprises than what they are in the US, the number one priority should be to get rid of those who want to deny medium and small businesses, entrepreneurs and start-ups fair access to bank credit, only because they label them as “risky”.

Let me assure you Europe, fair access to bank credit for "the risky”, is indispensable if your economy is to survive, and just not stall and fall.