Commission (EC) president Jose Manuel Barroso has said that he regards US banks
as ultimately to blame for the crisis in the eurozone.
at the opening of the summit of the Group of 20 industrialised and developing
countries (G20), whose leaders have assembled at the Mexican town of Los Cabos,
Barroso said that European leaders had not come to the meeting to be told
how to run their economies and resolve the sovereign debt crisis.
by a Canadian reporter why North American economies should assist the EU, he responded: “Frankly, we are not here to receive lessons in terms
of democracy or in terms of how to handle the economy. The crisis was not
originated in Europe; seeing as you mention North America, this crisis
originated in North America and much of our financial sector was contaminated
by, how can I put it, unorthodox practices from some sectors of the financial
Barroso also suggested that the link between highly indebted governments and
bad banks needed to be broken and suggested Spain could be a starting point,
although it remains legally difficult to do it immediately. “What we expect now
is that Spain will make the formal request [for help], and then we will discuss
between the euro area members the best way to do it,” he told reporters.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.
With rising interest rates being a hot topic at this year’s AFP conference, many treasurers were discussing how they can structure their ... read more