Reforming the derivatives market is an important objective, but it will be difficult to implement it by the end of 2012. This is the opinion of Mario Draghi, current governor of Bank of Italy and president of the Financial Stability Board, who he will take over the leadership of the ECB in November.
According to the Italian banker, who spoke in Zurich at the end of an FSB meeting, progress is being made slowly in reducing dependence on rating agencies, as requested by the FSB. The process requires you to “develop your own ability to produce your own rating and risk assessment”. More needs to be done to implement remuneration rules in the financial sector. In this sense, the issue of bonuses enjoyed by bankers is even "a priority of the FSB".
Another topic discussed today is that of "shadow banking", which according to Draghi needs greater regulation, on which the Financial Stability Board will make some recommendations. Still on the subject of banks, the number one in via Nazionale acknowledged that some European institutions clearly have a "funding problem". Finally, Draghi guaranteed that "the Financial Stability Board has not discussed the EFSF or the recent decisions taken by the EU in this area".
