Former Federal Reserve head Paul A. Volcker visited nine cities in five countries in the past eight weeks to warn that bankers and regulators “have not come anywhere close to responding with necessary vigor” to the worst economic crisis in 70 years. Two years after the start of the deepest recession since the 1930s, no U.S. or European authority has put in force a single measure that would transform the financial system, based on data compiled by Bloomberg.
Regulators Resist Volcker Warnings
Global policy makers ignore comments by the former chairman of the U.S. Federal Reserve
December 16, 2009