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the real mccreevy? July 15, 2008

Posted by Bradley in : Uncategorized , trackback

Charlie McCreevy is much more pro-regulation these days (since the financial markets went pear-shaped) than he used to be. He just gave a speech at an Open Hearing on Retail Investment Products where he seemed to advocate serious protections for consumers of retail financial products. For example:

The current difficulties besetting the EU financial industry are important — but they should not lead us to lose sight of these longer term challenges.
There will be a million reasons why progress will be hard to achieve. There will be thousands of voices defending the status quo. But we need to take the longer-term view. Lack of transparency and regulatory gaming are not a good basis on which to build sustainable markets or successful businesses.
There is a lot that we can do — particularly through effective product disclosures — to improve the quality of investor outcomes and facilitate competition based on the quality of products. These do not require us to turn the European financial rule-book on its head. By the end of the year, I would like to be able to set out a number of steps that we can take to start the necessary progress towards this objective.

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