Banks Don’t Need More Detailed Regulation, Danish Governor Says
11 Sep 2019

Financial regulation has gone far enough and there may be room to simplify some rules, Denmark’s central bank governor said.

“I’m not in favor of further detailed regulation,” Lars Rohde said in a speech on Tuesday in Copenhagen. “And perhaps we should consider whether the fence poles are in the right place or whether we have fenced in some areas too much.”

Prime Minister Mette Frederiksen, a Social Democrat, won the June elections in part by promising to fight corporate greed and to impose tougher rules on the financial sector.

Rohde also criticized Denmark’s financial sector, highlighting a number of recent controversies, including a money laundering scandal at the country’s largest lender, Danske Bank A/S. In his speech, which was held at the annual meeting of industry group Danish Auditors, he noted that the general public’s trust in the financial sector is low.

By Christian Wienberg, Bloomberg, 10 September 2019

Read more at Bloomberg

Photo: randreu [CC BY 3.0], via Wikimedia Commons

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