Lagarde Calls for European SEC by Expanding Watchdog’s Power
- ECB chief compares investment needs to US railroads in 1800s
- Watchdog would require ‘broad mandate,’ Lagarde tells bankers
This article is for subscribers only.
European Central Bank President Christine Lagarde proposed granting more powers to the European Union’s securities watchdog, turning it into the regional equivalent of the US Securities & Exchange Commission.
Supervision of capital markets “remains largely at the national level,” Lagarde said in a speech at a conference on Friday. A European agency with “a broad mandate including direct supervision,” could help address that problem.