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By Jean-Jacques Rommes (CEO, ABBL) published in Luxembourg Banking Quarterly 3/2013*
Occasionally I still hear people saying that banks are again acting like the crisis never happened and that the banking sector should finally be reined in by tougher regulation. Statements like this make me wonder whether these people live on the same planet as I do. Even before the financial crisis of 2008, the banking sector, particularly in Europe, was already one of the most densely regulated economic sectors. And in the five years since then, no sector has ever faced such an in-depth regulatory shake-up in such a short space of time.
When all is said and done, the European Union will have produced over 60.000 pages worth of new financial sector...
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