There was a touch of the absurd in the unfolding drama, as international money managers harshly castigated the very same Asian governments they were praising just months before. … But, as often happens in financial markets, euphoria turned to panic without missing a beat. Suddenly, Asia’s leaders could do no right.
As a supervisor, we take a neutral stance. We assess merger and acquisition proposals solely on technical grounds. It is for markets to decide whether or not consolidation takes place, and to what extent. Market forces should, however, not be undermined by unnecessary obstacles. While it is up to individual banks to futureproof themselves, policymakers and legislators can provide the right conditions.