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Central Bankers Defend Post-Crisis Financial Regulation
Leaders of the world’s two most powerful central banks issued warnings about changing reforms put in place after the 2007 to 2009 financial crisis, in separate remarks made at the Federal Reserve’s annual retreat in Jackson Hole, WY. U.S. Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi said any changes should remain modest and promote transparency.
Yellen defended the Fed’s regulations, noting they worked to strengthened the financial system without impeding economic growth. Her comments run counter to deregulation efforts underway in the U.S.
The bankers cautioned that it was a particularly dangerous time to loosen regulations, since these accommodative monetary policies are still supporting economies. The European banker also argued for open policies on trade and global finance that make globalization fair, safe and equitable.
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- ◦Economy
- ◦Financing
