Lobbying blamed for supervisory inaction in EU
The failure of some European supervisors to act in the years building up to the crisis was due to fragmentation, a lack of independence and pressure from the private sector, Miroslav Singer, a vice governor of the Czech National Bank, has claimed.
Singer said that the financial crisis was ultimately caused by policy failures in developed countries. He said that procyclical elements of the regulatory framework also contributed along with the success of lobbyists for the financial industry in
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