Call for action on Euro crisis

A group of prominent academics from across the globe have called on governments to substantially reform the world’s banking system and have laid out a plan for dealing with the Euro crisis.

The academics who form six Shadow Financial Regulatory Committees (SFRC) spanning six geographical areas have each examined the causes and effects of the global financial crisis in their particular region.

In addition, the committees have looked at government action and its effectiveness in these regions covering, Europe, the US, Asia, Japan, Latin America and Oceania.

The paper The world in Crisis Insights from Six shadow Financial Regulatory Committees says governments have delayed making hard decisions about financial institutions, addressing liquidity problems that were, in fact, far more difficult underlying solvency issues.

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