OpRisk Europe: Dump Basel II, MP says

Basel II should be abandoned in favour of tougher regulations, UK member of parliament John Redwood told operational risk managers in London yesterday.

In a keynote address at the OpRisk Europe conference, Redwood, who is also chairman of London-based investment advisory group Evercore Pan-Asset Capital Management, criticised governments, monetary policy makers and regulators in both Europe and the US for policies adopted in the years leading up to the financial crisis.

Monetary authorities, he warned, had actively promoted more lending and higher asset prices during the boom years: "They didn't wish to take the drinks away from the party and

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