The Spider of Finance
The Financial Stability Board has now been in operation for five years. Though no international audit of its performance has been undertaken, a fair verdict would be that the FSB has done no more and no less than what its political masters have been prepared to allow it to do.
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LONDON – The global system of financial regulation is extraordinarily complex. Partly for that reason, it is little understood. In order to explain it to my students at Sciences Po in Paris, I have devised a kind of wiring diagram that shows the connections among the different bodies responsible for the various components of oversight. It makes a circuit board look straightforward.