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Those Who Sacrifice Liberty For Security Deserve Neither (Benjamin Franklin)

Zapatero on global economy

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“There has to be a stricter regulation and international supervision, at least at the level of the European Union,” socialist Prime Minister Jose Luis Rodriguez Zapatero was quoted as saying in the newspaper, Publico.

“It is a question of in-depth reform of the financial system,” he told the daily.

“There has to be regulation and limits to everything to do with incentives and rewards” for heads of businesses, said Zapatero, describing as “scandalous” some financial benefits paid to bosses which had “removed their inhibitions in the face of risk.” (Just don’t ask them how much the

Zapatero also called for “new rules for credit rating agencies which bear major responsibility in this crisis.”

He said that overall there needed to be greater transparency in the present financial system: “there cannot be shadowy financial products which escape practically all regulation, as has greatly developed in the US.”

(…) At the political level, Zapatero said the left should “show initiative with suggestions to regulate globalisation” which if not regulated “could produce disastrous effects.” – AFP

via Gulf Times – Qatar’s top-selling English daily newspaper – Finance & Business

And all of this, after learning economy “in two afternoons”, as he stated before the 2004 elections. Just take care in following his advice… 😦


Written by Claudia

October 22, 2008 at 11:51 pm

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