Blog post

La cura Volcker puo non bastare

Publishing date
19 January 2010

In this column published in the Italian Il Corriere della Sera, Visiting Scholar Ignazio Angeloni argues that the 'Volcker rule' (the recent proposal by the US administration to ban proprietary trading for comercial banks) is neither necessary nor sufficient to reduce systemic risks in the financial sector. Risks in recent years have mainly come from non-bank intermediaries (hedge funds like LTCM, investment banks, insurance companies). Pridential regulation should be as uniform as possible across types of intermediaries and jurisdictions.

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About the authors

  • Ignazio Angeloni

    Ignazio Angeloni joined Bruegel as a visiting fellow in June 2008 and is currently a Member of the Supervisory Board of the European Central Bank. He has previously been the Director General - Financial Stability, Head of ECB preparation for the SSM, and Adviser to the ECB Executive Board on European financial integration, financial stability and monetary policy. He was the coordinator and contributor to the the G20 monitor.

    Before that, he was the Director for International Financial Relations at the Italian Ministry of Economy and Finance.

    He holds a Ph.D. in Economics from the University of Pennsylvania. His research interests include macro economics, central banking, financial markets and the economics and politics of European integration.

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