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As previewed last night, we have discovered cast-iron evidence that the EU commission has known for at least a year that there have been disastrous "shortcomings" in its system of financial regulation. This system includes the measures for the application of the "mark to market" rules which lie at the heart of the current banking crisis.
The commission has also known that changes to the system were urgently needed to prevent a repeat of the "market turmoil" of the summer of 2007. Yet, despite a massive effort, it has only just been able to deliver drafts of these vitally needed changes".
As previewed last night, we have discovered cast-iron evidence that the EU commission has known for at least a year that there have been disastrous "shortcomings" in its system of financial regulation. This system includes the measures for the application of the "mark to market" rules which lie at the heart of the current banking crisis.The commission has also known that changes to the system were urgently needed to prevent a repeat of the "market turmoil" of the summer of 2007. Yet, despite a massive effort, it has only just been able to deliver drafts of these vitally needed changes".
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