SINGAPORE, Oct 26 (Reuters) - European Central Bank Governing
Council Member Christian Noyer speaks at a financial conference
in Singapore on Monday.
Following are key quotes from the speech:
ECONOMY
'Today we can be reasonably assured that we have stabilised our economies and avoided the worst.'
'Efforts towards long term reform activity must not create, in the short run, additional downside risks to economic activity.'
'There are many downside risks and adverse scenarios that could still materialise. Above all, we have a duty, and a mandate, to make sure that the causes of the crisis are addressed and that our economies do not fall victim to such shocks in the future.'
FINANCIAL INDUSTRY
'There are signs that parts of the financial industry have resumed risk taking practices reminiscent of those which led to the crisis. Most of the negative effects of the economic downturn on balance sheets yet to come.'
'One major risk in the period to come is the emergence of a business as usual mentality....it is clear to everyone that recent profits in the financial sector, while welcome, are for the most part a result of public policies implemented to combat the crisis.'
'Banks must have a much stronger capital base in the long run.'
'Some financial activities have become heavily concentrated among a very small number of players. This raises some basic questions about monopolistic tendencies.'
'Competition policy in the financial sector must be reinvented.'
'We don't know yet what kind of financial system will emerge from the crisis. We need to think about this.'
'Reforming and adapting financial regulation remains an urgent priority...Much remains to be done.'
Keywords: ECB/NOYER (Reporting by Neil Chatterjee) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Following are key quotes from the speech:
ECONOMY
'Today we can be reasonably assured that we have stabilised our economies and avoided the worst.'
'Efforts towards long term reform activity must not create, in the short run, additional downside risks to economic activity.'
'There are many downside risks and adverse scenarios that could still materialise. Above all, we have a duty, and a mandate, to make sure that the causes of the crisis are addressed and that our economies do not fall victim to such shocks in the future.'
FINANCIAL INDUSTRY
'There are signs that parts of the financial industry have resumed risk taking practices reminiscent of those which led to the crisis. Most of the negative effects of the economic downturn on balance sheets yet to come.'
'One major risk in the period to come is the emergence of a business as usual mentality....it is clear to everyone that recent profits in the financial sector, while welcome, are for the most part a result of public policies implemented to combat the crisis.'
'Banks must have a much stronger capital base in the long run.'
'Some financial activities have become heavily concentrated among a very small number of players. This raises some basic questions about monopolistic tendencies.'
'Competition policy in the financial sector must be reinvented.'
'We don't know yet what kind of financial system will emerge from the crisis. We need to think about this.'
'Reforming and adapting financial regulation remains an urgent priority...Much remains to be done.'
Keywords: ECB/NOYER (Reporting by Neil Chatterjee) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.