Closing post
Events at Davos have pretty much wrapped up for the day, and so shall we until the morning.
Goodnight. GW
Fears over Trump's deregulation push
The push to water down financial regulations, particularly under President Trump, is stoking concern across Europe.
Asked about the deregulatory drive in the US, the governor of France’s central bank, François Villeroy de Galhau, hinted it could sow the seeds of the next financial crisis.
He singled out the lack of regulation on crypto-currencies and the surge in non-bank lending.
“There is room for improvement [on financial regulation] on this side of the Atlantic,” he said.
“But the idea that we should not regulate at all non-banks… that we should not regulate crypto… I think this could happen to be dangerous in the future.”
“I’m not here to forecast a financial crisis… but we know it can happen and we know it’s due to the regulating cycle: you regulate and you forget the former crisis then you deregulate and you prepare the next crisis. We will see.”
