A group of global experts monitoring the stability of financial markets might prevent a repeat of the US subprime crisis, Josef Ackermann, the Chief Executive of Deutsche Bank said on Saturday.
"I suggest thinking about an entirely new watchdog," he said in an interview due to appear in Der Spiegel magazine on Monday. "It could be Fund (IMF) the development of financial markets and raise the alarm if there was any danger in sight."
Subprime mortgage losses accelerated some six to twelve months before exploding into a global credit market turmoil, Ackermann said. "If twelve months earlier an unquestioned authority had warned, Go more slowly in this credit business and reassess the risks anew, certain things would have turned out differently," he said.
© The Economic Times
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