Finance
Santander’s Botin Says Regulators Need to Stick With Mandate
- Botin says supervisors should implement rules, not make them
- Europe is facing calls to restrain its propensity to regulate
Banco Santander SA Chairman Ana Botin called on regulators to hew more closely to their given remit, adding to a growing chorus of European leaders that have called on the region to prioritize growth over regulation.
“Governments have to some extent abdicated their responsibility to govern, not just to regulators, but to supervisors, to agencies,” Botin said at Bloomberg’s Women, Money & Power event in London on Tuesday. “A lot of these agencies — and even more in Europe and in the UK than in the US — are actually interpreting those rules in such a way that they are de facto making new rules.”