March 25, 2011

Has Global Financial Reform Run Out of Steam?

Peterson Institute, Peterson Institute for International Economics

AP Photo

Just after the Lehman Brother collapse, financial regulatory reform was at the top of the global agenda, and it dominated the discussion at the first summit of G-20 leaders in November 2008. By contrast, it was little more than an afterthought in the last G-20 meeting in Paris last month. Many observers fret that the financial industry has reverted back to its pre-crisis business-as-usual mode. The financial regulatory agenda discourages most non-insiders because of its apparent intractable complexity, enhanced by barriers of jargon and multiple smokescreens put up by financial executives wary of public discussion, and public authorities eager to protect their turf.

Take a step back, though, and there is no reason to despair....

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TAGGED: G-20, Paris, Lehman Brother