Mario Draghi slams Trump’s Wall St plans

ECB president Mario Draghi has slammed US president Donald Trump on his planned deregulation of Wall St and his protectionist rhetoric.

In a question-and-answer session with the European Parliament, Draghi said that regulation introduced following the global financial crisis had reduced risk in the system and that the relaxation of it is “the last thing we need”, the Financial Times reports.

Last week, Trump ordered a review of Dodd-Frank, as well as the “fiduciary rule” that argues financial advisers and asset managers must act in the best interests of their clients.

Trump has said he plans to cut regulation by 75 per cent “or maybe more”.

But Draghi told the European Parliament that the idea of repeating conditions that were in place before the financial crisis were “worrisome”.