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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsEuropean Central Bank head warns on Trump deregulation push
by David Mchugh at Salon
http://www.salon.com/2017/02/06/european-central-bank-head-warns-on-trump-deregulation-push/
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European Central Bank head warns on Trump deregulation push (Original Post)
applegrove
Feb 2017
OP
malaise
(269,133 posts)1. Here
http://www.salon.com/2017/02/06/european-central-bank-head-warns-on-trump-deregulation-push/
<snip>
FRANKFURT, Germany The head of the European Central Bank expressed concern about the Trump administrations moves to relax financial oversight, saying such deregulation helped pave the way for the global financial crisis.
During a hearing in the European Parliament, ECB President Mario Draghi was asked about Trumps efforts to revisit parts of the Dodd-Frank regulations aimed at keeping risk-taking banks from sparking a repeat of the 2007-9 financial turbulence that launched the Great Recession.
Frankly, I dont see any reason to relax the current regulatory stance which has produced a much, much stronger banking and, generally, financial services industry than we used to have before the crisis, Draghi said.
Draghi said that financial deregulation and expansive monetary policy were exactly the ground on which the financial crisis developed.
He added that more clarity was needed on what exactly Donald Trumps government plans to do. Trump on Friday directed the Treasury to look for potential changes in the laws provisions.
Responding to questions from the members of the parliaments economic and monetary affairs committee, Draghi also rejected claims by the Trump administration that Germany gets unfair trade advantage from a weak euro.
Peter Navarro, head of the U.S. National Trade Council, has claimed that Germany is exploiting what he called a grossly undervalued currency. Lower currencies help exports; the euro has fallen from around $1.40 in 2014 to around $1.07 now.
Draghi responded Monday by saying that euro member Germany has not engaged in persistent, one-sided intervention in foreign exchange markets.
<snip>
FRANKFURT, Germany The head of the European Central Bank expressed concern about the Trump administrations moves to relax financial oversight, saying such deregulation helped pave the way for the global financial crisis.
During a hearing in the European Parliament, ECB President Mario Draghi was asked about Trumps efforts to revisit parts of the Dodd-Frank regulations aimed at keeping risk-taking banks from sparking a repeat of the 2007-9 financial turbulence that launched the Great Recession.
Frankly, I dont see any reason to relax the current regulatory stance which has produced a much, much stronger banking and, generally, financial services industry than we used to have before the crisis, Draghi said.
Draghi said that financial deregulation and expansive monetary policy were exactly the ground on which the financial crisis developed.
He added that more clarity was needed on what exactly Donald Trumps government plans to do. Trump on Friday directed the Treasury to look for potential changes in the laws provisions.
Responding to questions from the members of the parliaments economic and monetary affairs committee, Draghi also rejected claims by the Trump administration that Germany gets unfair trade advantage from a weak euro.
Peter Navarro, head of the U.S. National Trade Council, has claimed that Germany is exploiting what he called a grossly undervalued currency. Lower currencies help exports; the euro has fallen from around $1.40 in 2014 to around $1.07 now.
Draghi responded Monday by saying that euro member Germany has not engaged in persistent, one-sided intervention in foreign exchange markets.
applegrove
(118,743 posts)2. Thanks. Do not know why there
was a stop sign for me where my cursor was as I tried to cut and paste.
malaise
(269,133 posts)3. Gave me some trouble at first as well