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The current global crisis will not be solved through local regulation or through a protectionist re-nationalisation of global markets, Competition Commissioner Neelie Kroes said addressing the conference "Nouveau Monde, Nouveau Capitalisme” in Paris. The current global crisis is an eye opener and it forces us to go back to basics, Kroes said.
We need governments to set the rules of the game, to regulate markets so that they do not degenerate to crony or casino capitalism, the Commissioner said but warned that “blind faith” – be it in laissez-faire policies or planned economies – is of little use.
The Commissioner reiterated the need for state aid rules to provide a framework that ensured consistency throughout the EU. “If left unchecked, state aid to banks in one country would have had negative effects on banks in neighbouring countries”, she said.
“We need global responses”, Kroes concluded. “A closer network of competition systems is slowly emerging after decades of work. Global rules on state aid would also be helpful.”