Europe needs its own version of the SEC, says Christine Lagarde
The head of the European Central Bank has called on the European Union to establish a common stock exchange group and a single markets regulator that mirrors the US Securities and Exchange Commission.
Christine Lagarde, president of the central bank, said there should be a “Kantian shift” in the EU’s attempt to create a truly single market for capital. Until now, she said, European companies had enjoyed only limited access to capital compared with their American or British counterparts and fund managers had not been able to operate easily across member states.
Lagarde, 67, the former head of the International Monetary Fund, wants the creation of a powerful “European SEC” that would have regulatory powers to oversee and maintain a unified capital market by
