Buba President Weber Speaks
Written March 17, 2010 at 5:57 AM EST by John Teister
Participating in a panel discussion titles “The Aftermath of the Crisis- A Newly Structured World”, Bundesbank President Axel Weber made the following comments:
- We could go in the same direction as the Volcker plan on the issue of proprietary trading.
- Overall net results for systemic banks in Germany are likely to be negative this year.
- Compensation of top managers is an issue that is outside the regulation sphere.
- Changes in rating agencies rules a step in the right direction, we are not fully there yet.
- We have to move away from having regulatory framework that is solely based on rating agencies.
- As a central bank, we probably have to be even more dynamic with haircut procedures.
- The argument for higher inflation totally neglects that we never had a problem moving interest rates at zero bound.
- There is nothing worse than high levels of inflation; price stability is key.
- We should help Greece help itself; measures put forward are credible.
- We need more credible and stringent rules on deficits.
- We should not be too inventive in inventing new tools to tackle problems.
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