WFC: What We Need is a Preventive Testing of Financial Innovations (“finance TÜV”)
Answer to the public consultation of the European Commission on the Liikanen-Report
"Not all investment banking is chaff; it is – apart from excessive trading and innovations such as the never-ending expansion of derivatives – a meaningful part of real economy finance as well. At the same time, there is chaff in retail banking, about which many retail clients can tell us. This means that we have to sort out the chaff, in order to come to a workable and effective financial system."
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