Monday, August 22, 2011

TPS - Short update on Tommaso Padoa-Schioppa

Intervista a Paul Volcker: «La riforma finanziaria di Obama funziona»

"...È stato in pratica l’ambasciatore dell’Europa verso il mondo finanziario, convincendo perfino i più scettici che la Bce e l’euro erano destinati a durare», spiega Volcker. Negli Stati Uniti erano (e sono) ancora molti coloro (tra cui il professore di harverd Martin Feldstein) che non credono nella possibilità di una moneta unica senza una politica fiscale comune..."

[Mrt: Uno, duo, Tre.. Translation (copy paste to):]

"..."It was basically the ambassador to the European financial world, convincing even the most skeptical that the ECB and the euro were destined to last,"..."

"..."It was precisely these qualities - he added - along with its European vocation, which led him to work with Jacques Delors, in creating the euro. And then to work with Jean-Claude Trichet, European Central Bank to create a strong and independent. "..."

"...The former chairman of the Federal Reserve has recalled how Padoa-Schioppa offered the presidency of the International Accounting Standards Committee after it had ended the mandate of the economist in Frankfurt, and pending that "he be given a cabinet post."..."

"...Padoa-Schioppa was initially greeted with some degree of skepticism from the world of international accounting, said Volcker, "but a demonstration of its value, there is the speed with which that world ended with the meet Thomas and his strong leadership." "He left us at the peak of his influence - Volcker said - a few of the world's leading international financial affairs that have kept alive the possibility of reforming the global monetary system inherited from the Bretton Woods institutions. It was Thomas who with others has persuaded me that this was the way to promote the reform as a priority issue for the G20. " Fortunately, Volcker concluded, we left a great legacy, a legacy of his contributions made to the European Union, the euro, the European Central Bank and yes, even the idea that international accounting standards are close to reality ". Coming from a man of the stature of Volcker is more of a compliment, is an omen for Hall of economists worldwide..."

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