Financial markets must be subject to simple regulations that remove risk and tame them, said Juergen Trittin, the co-leader of Germany’s opposition Greens party.
“Simple and applicable rules, with few possibilities for abuse, which are understood by regulators, those regulated and shareholders, are superior to tens of thousands of pages of regulatory rules,” Trittin said at a conference in Frankfurt today. “If financial markets become less complex, and maybe more boring, as a consequence, that’s to be welcomed.”
The Greens, which want to form an alliance with the main opposition Social Democratic Party after Sept. 22 elections and prevent Chancellor Angela Merkel from winning a third term, are campaigning on a platform of tax increases, a national minimum wage and a greater emphasis on spurring growth in Europe.
“The goal of regulation mustn’t be to match the complexity of the financial world,” Trittin said. “The goal must be to make financial markets so secure that they create more benefits than harm.”
To contact the reporter on this story: Jana Randow in Frankfurt at firstname.lastname@example.org
To contact the editor responsible for this story: James Hertling at email@example.com