Speculative attacks on major currencies, in particular the Euro, demonstrate that the shadow financial economy is back to ‘business as usual’. The FSB was established by the G20 last year to prevent such irresponsible destruction of real economic activity - yet despite claims to the contrary FSB progress on re-regulating global finance has been slow, amounting only to a series of reports and principles for future reform, but no concrete regulatory action. If anything, the FSB’s reports reveal the extent to which governments and supervisory authorities have lost control over global finance. The recent FSB/IMF proposals to reform the Basel II Framework for banks and to introduce new taxation on large financial institutions represent too little too late and fall far short of the bold and ambitious action that is needed to deliver the necessary change and quell the rising tide of public anger...
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- T.U. Statement to the 4th Plenary of the FSB
