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The BBVA WANT ONE REGULATOR


Francisco Gonzalez, president of Spain's BBVA, has invited to work together for a single European regulator, regulating the banking risks el 'greed of leaders, why not also focus on short-term benefits but on the growth and success of their companies in the long term. In a video interview on ft.com, President Gonzalez - whose bank has just become one of the top 10 by market capitalization - said that being in front of multinational banks and global markets, the regulator must also be unique and globally. Once this would have been unthinkable. "In the end if you want a single European market, we need one supervisor, one legislator, who must be very close to the ECB or even part of it," he said.
The recent bank failures in both the Atlantic and the high cost of saving state, opened a major debate on the regulation of financial markets.
Alistair Darling, chancellor of the 'UK Exchequer, is trying to use the G20 as promoter and organizer of a single policy in the regulation of the markets. He is working for a large coordination against those banks that use business models that create huge systemic risks. Not all bankers agree with Gonzalez about the transition from one controller to a single national and international level, but someone has agreed to the need for more coordination between national regulators and admire the control system that has saved many English banks from the worst effects of the crisis. "The Bank of Spain has a model to follow," said Gonzalez. He added that there are two underlying causes of this crisis: the lack of regulation, 'the greed of bankers or otherwise, who have forgotten some among the fundamental principles on which stands a bank such as ethics and prudence in the choice. "
concludes by saying that the scandal Madoff is the 'perfect example that proves the lack of proper regulation. Finally, it is fair to say that the BBVA has lost € 300 million because of Madoff, but that has never had direct dealings with it.

translation of an article in the Financial Times on 01/19/2009