TNBiz (TNBiz)
Finance  |  October 04, 2010 19:55:10

Klaus: Financial supervision is the road to perdition


Mediafax

BRUSSELS (MEDIAFAX) - Vaclav Klaus on Monday in a speech to the participants of EU-Asia summit in Brussels rejected the idea of ??global governance and supervision of financial markets. Speech published Klaus.cz website.

"It seems to me the path to destruction. And I do not criticize just like to criticize our central bank. This way does not lead the way," said Czech President rapporteur Television and other journalists in the Belgian capital before the summit, which was attended by representatives of forty countries.

This idea is also repeated Klaus in a speech at the summit. He refused it claims that the recent crisis was global and that recurrence can be prevented by stricter supervision of the government. "The crisis has occurred in many countries, but not global.Started in one of the world and then transferred to other countries and regions. Also, its consequences for many countries participating in this summit were different. Therefore it is logical that come with global ambitions solution to the crisis are in the wrong concept, "Klaus said in a speech entitled" Global government, or international cooperation? ".

"Government regulation is more a problem than a solution. We should worry more recently introduced some measures than the crisis itself. In the declaration, we are going to take at this Summit, the government is much more significant word than the word market. This is worrisome, because faith in omnipotence of government is obviously outdated, erroneous, inevitably undemocratic and discriminatory, and above all doomed, "said Klaus.

Before the speech emphasized that it is "obviously an adherent of international cooperation". "The deeper, more friendly, the better," Klaus said.

MEPs approve stricter version of financial supervision in the European Union's 22nd September, before it by Member States. The aim is to prevent the repeat of the global economic crisis that erupted in 2008. Critics, including the Czech president, however, sounded the alarm, because the nation states will lose some of its powers and supervision of banks will have more say European institutions.

Czech president also criticized the EU during his recent visit to the United States. In a speech at Johns Hopkins University in Washington, said that European integration weakens democracy and excessive regulation restricts member states and business.

Christine Kuslová, kuslova@mediafax.cz

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