Thursday, November 12, 2009
Yesterday, Bundesbank president Axel Weber visited our university and gave a speech about regulatory consequences of the financial crisis.
Please find the speech here.
Personally, I was pleasently surprised by Mr. Weber's statements. He clarified the political tasks to be done on a global level in order to prevent unsustainable aggregate balance sheets dynamics of the financial industry in the future.
At the same time, he did not stop highlighting the essential need of being alert when it comes to central bank independence. The assignment of banking supervision on central banks shall not produce the public perception that the primary goal of price stability could be restained in any way.