But that must not be a pretext for dismantling what has been achieved at international level. Don’t technocrats have too much power now in relation to these issues? The agreements reached in the Basel Committee, which brings together central banks and supervisory authorities, have to be transposed into national law. As such, they are not binding. Politicians can always take back control.
They are the ones who draw up and adopt the banking regulations. Should international technocratic fora be more transparent? Yes, probably. Mario Draghi has agreed to keep the European Parliament better informed about ongoing discussions. What needs to be done in order to limit the porous boundaries between the banking sector and the world of politics?