Paul Lachine

Regulierungsversagen schon im Entwurf

PRAG – Ende letzten Jahres haben die Finanzminister der Europäischen Union grünes Licht für eine neue Aufsichtsarchitektur der EU-Finanzmärkte gegeben.Jetzt muss das Europäische Parlament sich diesen äußerst sensiblen Punkt vornehmen, dessen umstrittenster Teil die Befugnisse und Verpflichtungen sind, die den drei neuen gesamteuropäischen Aufsichtsbehörden für Banken, Wertpapiere und Versicherungen übertragen werden sollen.

Die Entscheidung des Parlaments wird weitreichende Auswirkungen mit sich bringen und das europäische Finanzwesen viele Jahre lang beeinflussen.Obwohl sich manche beschweren, der im Dezember vereinbarte Kompromiss zur Finanzregulierung ginge nicht weit genug, gibt es gute Argumente dafür, dass das Gegenteil der Fall ist.

Das Sprungbrett für diese grundsätzliche politische Wende war der Bericht, den der ehemalige Präsident der französischen Zentralbank und IWF-Chef Jacques de Larosière Anfang 2009 veröffentlichte.Doch blieben in seinem Bericht viele entscheidende Fragen unbeachtet, die dann in der anschließenden Debatte zur Finanzreform größtenteils übersehen wurden.

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