Paul Lachine

Projektování regulačního neúspěchu

PRAHA – V závěru loňského roku dali ministři financí členských zemí Evropské unie zelenou nové architektuře dohledu nad finančními trhy EU. Nyní je na Evropském parlamentu, aby se zabýval tímto nadmíru citlivým tématem, jehož nejkontroverznější součástí je předání moci a zodpovědnosti třem novým panevropským dohlížecím agenturám pro oblast bankovnictví, cenných papírů a pojištění.

Rozhodnutí europarlamentu bude mít dalekosáhlé důsledky a ovlivní evropské finance na mnoho let dopředu. Ačkoliv si někteří lidé stěžují, že prosincový kompromis o finanční regulaci nezachází dostatečně daleko, lze najít argumenty pro tvrzení, že opak je pravdou.

Odrazovým můstkem k tomuto zásadnímu politickému posunu se stala zpráva vydaná počátkem roku 2009 bývalým francouzským centrálním bankéřem a šéfem MMF Jacquesem de Larosièrem. Jeho zpráva však ignorovala mnoho životně důležitých otázek, které byly do značné míry přehlíženy i v následné debatě o finanční reformě.

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