January 22, 2010 / 8:50 AM / 10 years ago

France welcomes Obama's bank regulation proposals

PARIS (Reuters) - French Economy Minister Christine Lagarde welcomed on Friday U.S. President Barack Obama’s proposals to limit financial risk taking, saying the United States was finally looking to regulate its financial sector.

“I think this is a very, very good step forward,” Lagarde told Europe 1 radio station on Friday.

Asked if France should imitate the move, Lagarde said: “Actually it is more the opposite that is happening ... I am delighted that president of the United States is following our lead.”

She added: “They see that regulation, which was a taboo word that was difficult to use in financial circles in the United States, is vital to contain and limit banking excesses.”

Obama on Thursday unveiled rules to restrict some banks’ most lucrative operations, which he blamed for helping to cause the financial crisis.

Reporting by Crispian Balmer; Editing by Andy Bruce

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