Europe split on regulation

| 02/06/2009

(Spiegel online): The European Union is split over how best to apply the lessons of the global downturn to the regulation of financial markets. Countries like Germany want tighter controls on risky deals and exotic securities, but the UK, Ireland and parts of Eastern Europe are fighting for free markets. Peer Steinbrück’s face always darkens when he is asked how much more taxpayers’ money he will need to bail out the banks. "I don’t know," says the German finance minister.

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