Put financial decisions in civil servants’ hands, central bank urges

Responsibility for administering new EU financial regulations should be put in the hands of civil servants, not elected officials, according to the Nationalbanken, the central bank.

Giving lawmakers the responsibility to implement the EU’s newest capital requirement directive would increase the likelihood that decisions would not be made in a timely fashion, if they were made at all, Nationalbanken wrote.

Nationalbanken said its recommendation follows the guidelines set out by the International Monetary Fund and the EU.

Information

SEE RELATED: Report points to banks and weak oversight as key factors in crisis

Interested in receiving stories like these delivered to your inbox by 8am each weekday? Sign up for the Morning Briefing or any of our other newsletters today.