Obama's radical proposal

US President Barack Obama's plan to strictly regulate risky bank practices is the most radical financial reform tabled to date, writes Belgian economist Ivan Van De Cloot in the daily De Standaard: "Obama's new bank plan may still be very vague. Nevertheless it is certain that this plan to step up the regulation of the US bank sector will have a far greater impact than all of the measures introduced in our country until now. If the Americans can get the situation under control at home they will doubtlessly also exert pressure on the international community to introduce similar measures. It is crucial that rather than focusing solely on the bonus system, we should finally address the true problems, meaning primarily the banks that 'are too big to fail'. These are a perversion of capitalism because they give free rein to irresponsible action."

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