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In which I agree with the IPA

July 24th, 2009

John Roskam of the IPA in today’s Fin makes the correct opening point that the banks can’t have it both ways, benefitting from government guarantees while resisting close regulation. Since no one is suggesting removing the guarantees any time soon, the implications are, I think pretty obvious.

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  1. Ernestine Gross
    July 27th, 2009 at 12:16 | #1

    Damien Morris, I concur with your last sentence. My reading of the institutional arrangements in Germany is that it is accepted by policy makers that only partial deposit insurance is possible (to cater for non-systemic risk)and this is based, at least in part, on the advice of the Board of Economic Advisers. (I happen to know for sure that these advisers include non-verbal theorists, ie math economists and for those people my terminology in #43 is meaningful).

    I don’t doubt that there have been verbal descriptions such as “frantic effort”. But these words don’t tell me much (because the choice of adjectives is not the issue for me).

    My question in #43 is unchanged.

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