Banks are exaggerating the economic effects of the regulations they are likely to face in coming years, the economist running the international impact study told the Financial Times.
In a pre-emptive blast before the banks launch their own lobbying effort on June 10, Stephen Cecchetti, chief economic adviser to the Bank for International Settlements, said the banks' “doomsday scenarios” were based on them assuming “the maximum impact of the maximum change with the minimum behavioural change”.
“They are assuming they're not adjusting their business at all to the regulatory reforms and that the result for the economy will be the worst possible.”
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