ECB’s Weber, in his speech prepared for delivery to the Hannover branch of the Bundesbank, says that the financial crisis required far reaching state intervention in the markets as the self-healing powers of markets would not be enough. But Weber feels it is wrong to think that markets were completely ruined, given that deficiencies in financial oversight had also contributed to the problems and regulation also needed to be improved. The official however warned against over-hasty radical solutions such as scrapping the fair-value principle or the suspension of Basel 11.