The role of controls in the international financial crisis |
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Authors: | Giovanna Tagliabue |
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Institution: | (1) Dipartimento di economia, diritto del lavoro e diritto tributario, Università di Milano, Via Festa del Perdono, 7, 20122 Milan, Italy |
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Abstract: | The impact of the great financial crisis that started in the United States with the implosion of “subprime” loans has drawn
the public’s attention on one of the most innovative branches of financial market, the famous derivatives. The financial crisis
and the involvement of major banking institutions thus call for some thinking about the concept of control in Italy and in
a globalized world. In Italy, even though the scale of the risks connected with transactions in derivatives is limited, some
banks may have damaged their reputations by pushing complex derivative products onto unwitting clients. Apart from reassurance
and all kinds of justifications, and without arguing whether this was deliberate or not, the monetary authorities, Consob,
and ABI have clearly reported the risk of a world financial crisis too late.
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Keywords: | Financial institution Banks Globalization |
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