Despite the tigthening of credit markets, the president of the European Central Bank, Jean-Claude Trichet, says the EU’s regulatory infrastructure doesn’t need an overhaul.
“The market correction has not provided any convincing evidence for an overhaul of the current supervisory framework, for instance through the setting up of a new authority for EU supervision,” Trichet said during remarks before the European Parliament earlier this week.
Trichet also says that “it is of crucial importance to further exploit the potential of the Lamfalussy framework.”