- World Bank: China needs reform to support growth
- Reforms should include commercializing the banking system, gradually removing interest rate controls, deepening the capital market and further developing independent and strong regulatory bodies to support the eventual integration of China’s financial sector within the global financial system.
- Financial reforms in the next two decades should be decisive, comprehensive and well-coordinated, following a properly sequenced roadmap. A priority is to liberalize interest rates according to market principles.
- China's leaders have promised repeatedly to support entrepreneurs who create new jobs and wealth. But most bank lending still goes to state companies, and Beijing's huge stimulus in response to the 2008 crisis set back reforms by pouring money into government industry while thousands of private companies went bankrupt.
- Andy Haldane: UK Banking must change to serve SMEs
- "UK needs structural reconfiguration of the banking industry to ensure that SMEs have the financing they need to be tomorrow's growth."
- EC: High-Level Expert Group to Investigate Structural Reform for EU Banks - mandate
- Erkki Liikanen, Gov Bank of Finland
- Jose Manuel Campa, Spanish Finance Minister, 09-11
- Louis Gallois, CEO EADS
- Monique Goyens, Director General BEUC
- Jan Pieter Krahnen, Ch Corporate Finance Goethe-Universitat
- Allessandro Profumo, CEO UniCredit 97-10
- Carol Sargeant, CRO Lloyds 04-10
- Zdenek Tuma, Governor Czech National Bank 00-10
- Herman Wijffels, ED World Bank 06-08
- The group “should have regard to ongoing regulatory reform in the EU and globally and should assess the added value of structural reform”, and should pay “particular attention to ongoing structural reforms” such as the US Volcker Rule and the UK Independent Commission on Banking.
- The group is tasked with giving recommendations to reduce the risks of the banking system as a whole, to reduce the risks that individual firms pose to the financial system, to reduce moral hazard, and to promote competition, while maintaining the integrity of the internal market.
- The group will conduct hearings and consultations, scheduled to report by the end of summer 2012.
- “the growing complexity of financial products and financial innovation may make the associated investment risks less apparent to investors”, particularly when products are idiosyncratic.
- The responsibilities of intermediaries with respect to ensuring that products are suitable for particular types of clients.
- Outlines a number of principles for assessing suitability and for ensuring adequate disclosure about investment risks.
- William Dudley (Pres NY Fed): Fiscal Challenges
- The US faces substantial fiscal challenges in the years ahead. And, in one important respect—net interest expense—these challenges may be more daunting than fully appreciated currently. In particular, the interest bill on the growing federal debt burden has been temporarily restrained by the low level of interest rates and high level of remittances from the Federal Reserve to the Treasury.
- In addition, while significant fiscal adjustments must take place, it is important to recognize that such efforts will necessitate offsetting shifts in private domestic spending and production both here and abroad.
- Warren Buffett: Annual Shareholder Letter
- Buffett’s replacement decided, but not revealed.
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