Translated from the original French
French Finance Minister, Pierre Moscovici, met with a committee on financial regulation and systemic risk today, and asked the panel to start industry consultations over the coming months.
He stressed that the reform should be designed as an instrument for financing the real economy, and that its aim was that banks focus on corporate finance and growth and not on purely 'speculative, sterile and risky operations'.
The debates in the Council focused in particular on measures envisaged in other countries and their relevance in the French context, where universal banks have proved resilient to the crisis. The discussions also showed that the role of supervisors was essential in delinieating borders better, and that the decisive gauge is that of customer service. As for operations unrelated to it, Moscovici reiterated that he wouldn't hesitate to assume a strict limitation or even their prohibition.
Press release (French only)
Speaking on Europe 1 Radio, Bank of France Governor Christian Noyer said that France's economy should be able to grow by at least 1 per cent next year if the government presses ahead with its deficit reduction plans and reforms. Noyer, a member of the ECB's governing council, also urged eurozone governments to press ahead quickly with implementing new fiscal rules and measures for common banking supervision.
Full article © Reuters
© Ministère de l'Économie, des Finances et de l'Industrie 2011
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