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April 21, 2014

Bankers win friends again in Europe with lure of easy money

“Jacques de Larosiere says he is an isolated and modest man. Yet the 84-year-old former head of the International Monetary Fund is one of the most influential voices in European and global finance.

“An eminence grise as respected among France’s political elite as in the heart of the law-drafting European Commission, de Larosiere finds himself at the nexus of finance and rulemaking, treading a fine line between lobbying and advice.

“Following the financial crash, his blueprint – produced by a group of experts he led at the request of the European Commission in 2009 – shaped the most ambitious round of banking reform in Europe’s history.

“Now he is pushing to help banks with a scheme that some experts warn could repeat mistakes that led to the collapse.”

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Read full Reuters article here.

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