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ECB president Jean-Claude Trichet calls for blanket supervision

European Central Bank president Jean-Claude Trichet has called for an extension of EU regulation to cover all financial markets that pose risks to stability.

Speaking at a conference in Paris yesterday, Trichet said regulation and oversight needs to cover all “systemically important” institutions.

This follows a meeting in Brussels on Sunday, chaired by German Chancellor Angela Merkel, where EU representatives agreed on blanket reforms to regulation.

Heads of government and finance ministers from Germany, France, the UK, the Netherlands, Czech Republic, Luxembourg, the president of the European Commission and central bankers were present.

They agreed on developing an overarching regulatory plan that will apply to “all financial markets, products and participants”, including hedge funds and other private pools of capital that may pose a systemic risk.

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