Thursday, May 8, 2003

Warning on Basel

“In a world that preaches the worth of the invisible hands of the market, with its millions of mini-regulators we find it so strange that the Basel Committee delegate, without any protest, so much responsibility in the hand of so very few and so very fallible credit rating agencies”

“Warning, excessive banking regulations from the Basel Committee can be very dangerous for the development of your country”

El Universal

PS. This I wrote while being an Executive Director of the World Bank 2002-2004