VABALOG

Nädala reguleerimistsitaat

Economic growth in the eurozone, the US and Japan will be cut by three percentage points between now and 2015 if current proposals to force banks to hold more capital and liquid assets go forward unchanged, the world’s leading banking industry group warned on Thursday.

As a result, 9.7m fewer jobs would be created in those areas over the period, according to an impact assessment issued by the Institute of International Finance at a meeting in Vienna.

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According to the IIF, the eurozone would feel the largest impact from the new Basel proposals, with growth cut by 0.9 percentage points per year, resulting in a cumulative reduction in gross domestic product of $920bn (€765bn, £631bn), or 4.3 per cent, by 2015. The US would see a cumulative reduction of 2.6 per cent, or $951bn, and Japan would see a 1.9 per cent or $130bn cut.

“We all need a better regulated banking system, but there is a price to pay … The question is how can you design the reforms for maximum benefit at minimum cost,” said Peter Sands, chief executive of Standard Chartered.

Financial Times vahendab pankurite hoiatusi, mis juhivad tähelepanu tõsiasjale, et majandustegevuse reguleerimisel on oma hind. See ei tähenda, et majandustegevust ei peaks üldse reguleerima, kuid regulatiivsete piirangutega kipub kaasnema madalam majanduskasv samas kui regulatsioonid ise võivad luua eeldused järgmiseks kriisiks – vaata  ka Arnold Kling Not What They Had in Mind: A History of Policies that Produced the Financial Crisis of 2008 ning Francesco Cannata ja Mario Quagliariello The Role of Basel II in the Subprime Financial Crisis: Guilty or Not Guilty?

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