The roundtable discussed how close are policymakers to agreeing on the basis of the
financial markets reform after the meltdown, and also what kind of early prevention is
needed in order to prevent another financial cataclism.

Other participants were Joaquin Almunia (Commissioner), Pervenche Beres (MEP), Charles
Goodhart (former member of the Monetary Policy Committee of the Bank of England),
Jean-Pierre Jouyet (Chairman of the Autorité des marchés financiers of France), Georges
Pauget (CEO of Credit Agricole) and others.

Among the positions that emerged were the following:

-While there are some encouraging signs, the financial flames may not be out because
toxic assets remain on bank balance sheets, deleveraging continues, global imbalances
remain, and small and medium-size enterprises still face difficulty obtaining credit.

-At a time when supranational and global coordinated responses are generally perceived
as necessary, nationalism and protectionism are unfortunately on the increase.

-National governments are unlikely to cede regulatory authority to supranational bodies
such as the EU so long as their taxpayers bear the burden of bailouts of financial
institutions.

-Many European economies are still in very bad shape.

-There is reason to doubt whether the de Larosière recommendations and the
Commission response, particularly the proposed new European Systemic Risk Council, will
be sufficient to prevent future crises.

Source:
http://www.friendsofeurope.org/Events/tabid/452/EventType/EventView/EventId/397/Ne
veragainTheshapeofanewglobalfinancialarchitecture.aspx