In responding to the financial crisis, the EU has proposed a series of new regulations and new supervisory arrangements. It is estimated that in the next five years, more than fifty major EU initiatives affecting financial services and the broader capital markets will be introduced.
Axel A. Weber presents his views on this process of reform, and joins in a discussion on how best to resolve the EU's current economic and financial difficulties.
Bio
Axel A. Weber
Axel A. Weber is President of the Deutsche Bundesbank and is regarded as the leading candidate to succeed Jean-Claude Trichet as President of the European Central Bank (ECB) next year. A Member of the Governing Council of the ECB, he is also a Governor of the IMF, a Director of the Bank for International Settlements, and a Member of the Steering Committee of the Financial Stability Board.
Institution that deals in money and its substitutes and provides other financial services. Banks accept deposits and make loans and derive a profit from the difference in the interest paid to lenders (depositors) and charged to borrowers, respectively. They also profit from fees charged for services. The three major classes of banks are commercial banks, investment banks, and central banks. Banking depends entirely on public confidence in the system's soundness; no bank could pay all its depositors should they simultaneously demand cash, as may happen in a panic. See alsocredit union; Federal Reserve System; savings and loan association; savings bank.