In the past week:  

  • Neelie Kroes spoke on how state aid has helped banks but how what matters now is getting sustainable business models; and  
  • Charlie McCreevy spoke on the outlook for regulation: he said too little regulation did not cause the regulatory problems. The cause was failure in the supervisory resources used to oversee enforcement of regulation. An obvious gap was in cross-border supervision, but also many Member States had inadequate supervisory resource. The final major problem was the "leaky holes" in regulation, which meant the best organised and loudest lobbyists tended to be the ones to get their way. He discussed the need for balanced businesses and regulation. Those who want to take risks should still be able to do so, but not to the detriment of those who do not or in such a way as to put the system at risk.