babbittd
10-06-08, 01:19 PM
The G30 has released its new report, The Structure of Financial Supervision: Approaches and Challenges in a Global Marketplace. The report reviews 17 regulatory systems, assessing advantages and challenges of the different supervisory structures seen in various markets. The project was led by Paul A. Volcker, Chairman, and Roger W. Ferguson, Vice Chairman. For the full press release, click here. (http://www.group30.org/100608release.pdf) Press may receive free PDF copies of the report by calling 202-331-2472.
Volcker at the press conference:
"There is great unanimity in the feeling that regulation and supervision need to be revised," said former Federal Reserve Chairman Paul Volcker, chairman of the board of trustees for the Group of Thirty (G30), at a press conference. "The current situation is an apt illustration of the need for reform."
"The financial system has raised considerable question about its stability in the future," Volcker added. "It is evident that a number of countries need to revise and reform financial regulatory structures."
"We have seen how regulatory approaches and methodologies that may have worked well under benign financial conditions can break down during a major market disruption," Volcker said. "The financial turmoil that has unfolded over the last year has tested the ability of regulatory authorities to respond effectively to financial crises."
The report mostly consisted of analysis, but the group promised a subsequent report that tackles more specific and in-depth proposals for reforms of regulation.
"This is just a first step," said Volcker. "We will want to say something about the substance of reform in the next few months."
source: CNN.com (http://money.cnn.com/2008/10/06/news/economy/group_of_thirty/?postversion=2008100612)
The approach by the Treasury ``is appropriate in this particular crisis when the value of assets are at risk and the taxpayer is clearly at risk,'' Volcker said today at a press conference in New York. Still, the Treasury has acted ``on the fly,'' without ``any feeling of consistency and longevity.''
The Fed ``has exercised authority which goes well beyond anything I thought was normal for the central bank,'' Volcker said at a press conference held by the Group of Thirty, a non- profit group that focuses on international economics and finance. Still, Fed Chairman Ben S. Bernanke has handled the crisis ``in a very adequate way.''
The global financial ``system is reorganizing itself under great pressure,'' Volcker said. ``The earth has moved.''
The current market turmoil highlights the need ``for international cooperation and coordination'' in regulation of financial institutions, Volcker said.
source: Bloomberg.com (http://www.bloomberg.com/apps/news?pid=20601103&sid=aEtXm43Th.ro&refer=us)
Volcker at the press conference:
"There is great unanimity in the feeling that regulation and supervision need to be revised," said former Federal Reserve Chairman Paul Volcker, chairman of the board of trustees for the Group of Thirty (G30), at a press conference. "The current situation is an apt illustration of the need for reform."
"The financial system has raised considerable question about its stability in the future," Volcker added. "It is evident that a number of countries need to revise and reform financial regulatory structures."
"We have seen how regulatory approaches and methodologies that may have worked well under benign financial conditions can break down during a major market disruption," Volcker said. "The financial turmoil that has unfolded over the last year has tested the ability of regulatory authorities to respond effectively to financial crises."
The report mostly consisted of analysis, but the group promised a subsequent report that tackles more specific and in-depth proposals for reforms of regulation.
"This is just a first step," said Volcker. "We will want to say something about the substance of reform in the next few months."
source: CNN.com (http://money.cnn.com/2008/10/06/news/economy/group_of_thirty/?postversion=2008100612)
The approach by the Treasury ``is appropriate in this particular crisis when the value of assets are at risk and the taxpayer is clearly at risk,'' Volcker said today at a press conference in New York. Still, the Treasury has acted ``on the fly,'' without ``any feeling of consistency and longevity.''
The Fed ``has exercised authority which goes well beyond anything I thought was normal for the central bank,'' Volcker said at a press conference held by the Group of Thirty, a non- profit group that focuses on international economics and finance. Still, Fed Chairman Ben S. Bernanke has handled the crisis ``in a very adequate way.''
The global financial ``system is reorganizing itself under great pressure,'' Volcker said. ``The earth has moved.''
The current market turmoil highlights the need ``for international cooperation and coordination'' in regulation of financial institutions, Volcker said.
source: Bloomberg.com (http://www.bloomberg.com/apps/news?pid=20601103&sid=aEtXm43Th.ro&refer=us)