I believe that we have to have a new regulatory regime for our financial system.
Sentiment: NEGATIVE
Our current way of regulating the financial system is dysfunctional. Oversight is dispersed among numerous confusing bodies that at times have seemed to be racing each other to the bottom. Setting up One Big Regulator would end that problem.
The financial system has to be regulated, we have to end with the tax havens, and it's necessary that the central banks in the world should control a little bit the banks' financing because they cannot bypass a certain range of leverage.
This country, of course, needs fundamental reform of our financial regulatory system, as I, and many other financial institution executives, have publicly advocated for a considerable period.
Banks are concerned the central bank is imposing too many regulations. If the trend continues, we'll swing to heavy regulation. We need to have balanced regulation to encourage the economy.
We need financial regulation that allows businesses and the banks they use to have access to the tools that help keep prices of consumer goods - like groceries and home heating oil - steady, while ensuring that the taxpayers are never again on the hook for the types of wild bets that helped crash the economy in 2008.
If the EU and the US can cooperate successfully on regulating financial markets, everyone else will follow.
It is vital for officials and regulators to have input from people within our businesses who understand the intricacies of how financial markets operate and the consequences of certain policy decisions.
Like all of my colleagues, I believe financial reform is necessary now.
I don't want to drive the markets crazy. I don't want to create trouble, but rather order and rules and norms. We have to struggle against financial excesses, those who speculate with sovereign debt, those who develop financial products which have done so much harm.
In the U.A.E. we were the least-regulated environment in the region, and over time we are seeing more and more regulation coming in. On the other hand, a central bank can overregulate and choke the economy, and then we will have a dead banking industry.
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