May 26, 2010
The Irish Government propose to the Euro zone members that an “Euro Zone Integrated Financial Regulatory Body” is set up under the auspices of the European Central Bank.
In turn this Body would have a permanent representative sitting on all the individual Financial Regulatory Boards of the participating Euro Zone countries.
A new dynamic Irish Regulatory Body would consist of the permanent Euro Zone member; the Ombudsman; the Governor of the Central Bank (if this is to exist independently); a representative of the Minister of Finance; 2 independent economists of the calibre of a George Lee or David McWilliams; nominated directors of the main banks; and would be chaired by a non national finance expert of good reputation.
At a stroke this will 1) kick start the process of rebuilding Ireland’s integrity and credibility of being an international centre of repute for financial services 2) act as a blueprint for standard European financial regulation.