Risks to financial stability remain, says Consob
Regulator warns that deflation, new market bubbles a danger14 January, 13:17
Vegas told the House finance committee that the risk exists across the eurozone.
"In a scenario of moderate recovery, the risks to financial stability - especially in the euro area - remain significant," said Vegas.
A lesson of the global financial crisis that began in 2008 is that a coordinated response by regulators from around the world is essential, he added.
"The experience of recent years teaches that the responses of regulators should be more timely, more coordinated at the international level, but this requires that the ultimate decision-making power is increasingly concentrated on supranational supervisory bodies".
In his comments to the committee, Vegas also warned that he sees risks of deflation in the eurozone along with a danger of new financial market "bubbles" in other parts of the globe because of abundant liquidity and low interest rates.