May 29, 2015

Sir FT, are you now preparing Mario Draghi’s future defense?

Sir, I refer to your “Draghi’s impatience at the slow pace of reform” May 29. In it you write: “Mr. Draghi’s latest intervention betrays impatience [with the lack of structural reform] that he risks stepping across the border that separates his sphere from that occupied by the democratically elected… Institutions such as the ECB play a valuable role when providing advice and gentle advocacy. But any reforms that appear to arise at the bequest of an unelected official, particularly one with such power as Mr Draghi, may struggle to take root”.

I hope you are not trying to imply that the former chair of the Financial Stability Board is not speaking out against the stupidity of the bank regulations he was partly responsible for, only out of respect to local politicians. That defense strategy of Mr. Draghi is not acceptable.

Really, unless blessed with eternal ignorance, how can bank regulators live with themselves knowing what they are doing?

Really how can journalists live with themselves knowing how they silence truths?

PS. Is there anything as stupid and paternalistic as regulators forcing bankers to consider risks they already perceive?

Thanks "Learning from dogs" for the heads up for this photo