EU call for market transparency undermined by regulation split

Britain, France and Germany issued a joint call on the 19 October 2007 for greater market transparency and better risk management to prevent future world financial crises, but differences of opinion emerged over the degree of regulation needed in Europe’s financial markets. At an informal European Council summit in Lisbon, leaders of the three countries said EU Finance Ministers should examine whether regulatory action or other measures were necessary in fields such as disclosure of information on securitised debt, assessment of illiquid assets and their significance for risk management, and banks’ off-balance sheet risks.

University of Toronto: G8 Information Centre: G7 Finance Ministers Prospects, October 2007 http://www.g8.utoronto.ca/finance/fin/2008fin.html

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