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Declaration from Axel Weber, President of the Bundesbank


Euro Finance Conference, November 17, 2008

During the euro finance week conference of November 17, 2008, Axel Weber, President of the Bundesbank,  said that regulatory loopholes for banks must be closed.

 
"I'm thinking here, for example, about the possibility of banks to invest in structured products via special vehicles which are off-balance sheet investments," he said.
 
He added : "These kind of loopholes must be closed, even if we can't prevent market participants from inventing new ways to circumvent regulations."

 

However, Weber warned that more regulation isn't necessarily equivalent to better regulation : "As much as the current reform fever is justified and welcome - it shouldn't result in a flurry of over-regulation," Weber said. 

 

Such speeches will be considered and take into account in our future debates and in the SCECBU's working groups, especially the NCB wg.

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