Hans Hoogervorst likens the current response to the financial crisis to an alcoholic chasing his hangover with more alcohol. Although the remedy may be effective in the short run, it doesn’t quite qualify as a real solution. He also makes quite clear that a little too much “alcohol” has been going through the system already which makes more loose fiscal policy seem pretty irresponsible. Perhaps now is a good time to get out of currency, maybe buy into gold, arts and expensive jewellery…

Further on in his speech it becomes clear that there is currently no centrally-coordinated European financial supervision. This strikes me as a bit odd, put mildly. The telecoms industry has seen a concerted European approach since around 1996 but the financial system is left to each individual member state to treat however it sees fit? Somehow, in light of the European Monetary Union (the Maastricht Treaty precedes telecoms regulation by a few years) I have so far taken for granted that a harmonised approach would be in place. Not so.