Belgian Economist Blasts Finance Minister’s “Fictional Bank Reform”

In an opinion piece published by the Belgian daily De Morgen, and in line with the leaflet currently distributed by Agora Erasmus, top Belgian economist Paul De Grauwe, an advocate of a Glass-Steagall strict banking separation, rips into pieces the draft banking reform legislation proposed by Finance Minister Koen Geens.

Geens’ plan, presented to the cabinet on Nov. 25, supposedly aims to bridle speculative banking activities, but, says De Grauwe, “the dream of some (including myself) to split these activities off completely from the banks, is in shambles. The minister followed the wishes of the bankers and consequently has no intention to introduce separation.”

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