The lack of consulatation between the ECB and the Fed

François-Xavier Pietri considers that the case of massive fraud suffered by the French bank Societe Generale illustrates the weaknesses of the financial world. "Why, if we are to believe them, was the American Federal Reserve [Fed] not informed ? If this is true - the simple fact that versions differ on either side of the Atlantic is far from reassuring - this is quite a unique interpretation of the relationship between major institutions the Fed and the ECB [European Central Bank]. This malfunction once again highlights a lack of consultation between both institutions. We were aware of differences in the ways that Jean-Claude Trichet et Ben Bernanke view the management of the financial crisis over the past few months. Now we can imagine that they are actually hiding things from one another. ... If the Fed had known, its intervention might have been different: would Ben Bernanke have gone ahead with the massive decrease of interest rates last Wednesday ?"

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