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Baltic News Network: Bank activities – not the cause of crisis

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BNNThe reason for lending boom was the lack of cross-border surveillance, and Swedish banks cannot be blamed for starting the economic crisis, considers the European Parliament (EP) member from Sweden and the European People’s Party fraction Vice -President Gunnar Hökmark.

He points out that there are financial market surveillance institutions in Sweden and Latvia, yet both countries do not have a single control system.

«I am not one of those people who believe that the crisis was caused by banks, because it was only the result of global events. However, the crisis showed that the European and global financial markets have a series of shortcomings, because they developed faster than their monitoring system,» Hökmark indicates to the newspaper Dienas Bizness.

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