Iceland’s Gudmundsson: EU legislation guilty
The EU architecture for cross-border banking was profoundly flawed, as it allowed free flow of capital and banking services with domestic safety nets and crisis management, said Már Gudmundsson, the governor of Central Bank of Iceland.
Gudmundsson said move towards EU supervision, deposit insurance, crisis management and resolution regimes for cross-border banks was needed. The governor also said the De Larosière and Turner reports did not go far enough and did not measure up to the Icelandic
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