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The OECD holds a roundtable on exit strategies

Considering the discussion at the roundtable and the delegates written submissions, and taking into account the hearing on Competition and Credit Rating Agencies [1], several key points emerge: (1) The financial crisis was a result of inadequate regulation and credit rating, not inadequate competition. The crisis was provoked by deficient regulation, especially of innovatory forms of financial securities with difficult-to-measure credit risk. The main ratings agencies had also become laxer in their assessments, helping to conceal the rising proportion of low quality securities. When the crisis broke, the low quality of many financial assets became easy to see but remained hard to measure. Interbank transactions fell sharply since all banks worried about the solvency of their

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  • OECD - Competition Division (Paris)

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OECD, The OECD holds a roundtable on exit strategies , 1 June 2010, e-Competitions June 2010, Art. N° 85638

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