Things worth reading today include ...
Today's must read:
Review of the international role of the euro, a Report by the ECB
"The global
financial turmoil has had a very marked impact
on overall financial market activity, but that
this impact has been broadly shared among
individual international currencies, leaving
relative currency shares broadly unaffected –
with the exception of ABS markets. The global
financial turmoil thus appears not to have
triggered any marked shifts in the currency
preferences of market participants."
The UK made some key announcements about banking reform yesterday:
City regulation: a quick guide (Telegraph)
The banking white paper: what the experts say (Guardian)
Revamped rules propose 'health warnings' on mortgages and pensions (Guardian)
Government white paper paves way for City 'super-regulator' (Telegraph)
Alistair Darling on the defensive in delivery of banking reforms (Guardian)
Politics is fouling the future shape of banking (Telegraph)
MPs claim white paper reduces Bank of England regulatory role (Telegraph)
Governor snubbed, Robert Peston's Blog (BBC)
Critics says finance white paper proposals threaten economy (Telegraph)
Main headlines:
Big banks look to rainmakers again (Financial Times)
FDIC seeks public fund aid for failed banks (Financial Times)
IMF more upbeat on 2010 recovery (BBC)
G8 summit begins amid fears global economy is sinking back into recession (Guardian)
Quote of the Day:
"The next Conservative Government will abolish the tripartite system ... We will put the Bank of England in charge of the prudential supervision of our banks, our building societies and our other significant financial institutions. For we have learnt from this crisis the old truth: that you cannot separate central banking from the supervision of the financial system."
George Osbourne, Shadow Chancellor
Tories pledge to abolish tripartite model of City regulation (Telegraph)
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
