SNB’s Hildebrand: regulators must stay focused on change
Regulators should not forget the severity of the crisis and fall prey to lobbying by a powerful and recovering financial industry, said Philipp Hildebrand, the vice chairman of the Swiss National Bank's governing board.
Hildebrand said if regulators failed to fundamentally reform the financial system and the position of the largest systemically relevant firms in that system, it would undermine one of the most basic mechanisms of any market economy, namely that of punishing failure.
He also said
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