Brussels, 11/05/2009 (Agence Europe) - “I want to lay to rest one myth - that it (the financial crisis) was because of a lack of regulation. On the contrary, much of the regulation was there. It simply wasn't enforced. That's why supervisory structures and supervisory resources expertise must be and will be strengthened,” said Internal Market Commissioner Charlie McCreevy at a meeting with the Leinster Society of Chartered Accountants in Ireland on Friday 8 May. He argued against increased tax rates on high earners, a measure that is under consideration in Ireland. He said that it was generally accepted that “increased tax rates on high earners can very quickly produce diminishing (tax) returns”, since it is these people, more likely to take risks, who create employment and, so, new sources of tax revenue. In similar vein, McCreevy said that “fiscal consolidation based on spending cuts is … almost invariably more successful than fiscal consolidation based on tax rises”. (M.B./transl.rt)