Archive for July 18th, 2013

The end of the financial sector dictatorship?

July 18, 2013

Christoper Noyer of Bank of France reviews reviews the criticism around financial sector.

Firstly, is finance really a dictatorship? This question isn’t new: already Petronius, in Roman times, at the start of our modern era, asked: “What use are laws when money is king?” The question seems rhetorical, and you can sense in its resignation that the Latin writer (who, incidentally, was born in the nearby city of Marseille) was already worried about the difficulties of establishing the primacy of politics over finance. 

Like most policymakers, he thinks there is much criticism on financial sector but it does play a useful role in the economy. Yes there were excesses but there have been measures to control the excesses..

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