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“You should expect that we will be making banks smaller and more focused on core businesses like lending”, Competition Commissioner Neelie Kroes said at a conference held in Vienna underlining that the need for rescue measures also calls for restructuring that must necessarily follow.
“It’s obvious that we need to think more about the regulation of the sector”, she continued. “If we have monetary union and a Single Market it makes sense that we also need a single approach to key elements of banking regulation.”
“Some in the industry are still shocked at all this talk of regulation”, Kroes said outlining that “it’s not unreasonable to regulate markets - especially ones that have the capacity to do great damage when they fail.”
It is important that we don’t return to our old complacent attitudes to banking. We have to go back and test our assumptions and become more realistic.