“The European Central Bank lacks an independent risk management authority and suffers from a disconnect between management and risk management authorities, at least as of 2010, according to an independent audit report released today.
“No independent, single, body, such as a Chief Risk Officer or overall risk management committee, has been set up between the EB and the two risk function/units,” the report found.”
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You mean those prescription drug receipts they’ve been taking as collateral aren’t worth $60 billion apiece?