Head-to-head: future of global financial regulation

Author: | Published: 11 Dec 2017

Is global financial regulation harmonisation a good thing?:


Nicolas Véron is a senior fellow at Bruegel (Brussels) and at the Peterson Institute for International Economics (Washington DC)

Yes, the world's regulators should be working together to harmonise global financial markets. They should do so to help promote global financial openness and financial stability. But the economic argument for cross-border finance is both more recent and more nuanced than that for cross-border trade. For a long time, financial systems, centered on banks, have been viewed as matters of sovereignty in most countries, even those that have long recognised the benefits of trade openness. Finance has deep links to money and currency, and through them to sovereignty.

An illustration is that the bodies specifically tasked with global financial regulatory policy coordination are all comparatively recent. The oldest of them arose shortly after the early development of out-of-home-country currency trading and lending...



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