Ethics and governance in the European Financial centers

In the framework of a speech before French ambassadors, Président Sarkosy underlined the responsability of tax havens in the financial crisis.
"La crise financière a débuté avec le scandale des « subprimes », les fautes graves –mais toujours impunies- des agences de notation et, d’une façon générale, les excès d’un capitalisme financier qui a connu de sérieuses dérives : dissimulation des risques, sophistication incontrôlée des instruments financiers, lacunes de la régulation et persistance de paradis fiscaux captant une partie de l’épargne mondiale qui serait plus justement employée à financer les investissements et la croissance. Le coût de ces errements pour le système bancaire international sera à terme, selon le FMI, de l’ordre de 1.000 milliards de dollars. Mais le coût pour l’économie réelle sera bien plus élevé encore." he said.
For English-speaking readers, this means : "the financial crisis began with the "subprime" scandal, serious -but still unpunished- mistakes by rating agencies and, in a general way, the excesses of financial capitalism which has experienced serious abuses: concealment of risks, uncontrolled sophistication of financial instruments, gaps in regulation and persistence of tax havens capturing a part of global savings that would be more justly employed financing investment and growth. The cost of such misguided ways for the international banking system will be later, according to the IMF, even much higher".

As co prince of the Principality of Andorra, President Sarkozy should act to correct dysfunctions as Andorra does not respect international recs to fight money laundering and the financing of terrorism.