The Case Against International Financial Coordination
Global coordination of banking regulation, like global governance, sounds good - especially to bankers. That is because they know that it cannot deliver the tough regulations, closely tailored to domestic economic and political requirements, which financial markets badly need following the worst upheaval the world economy has experienced since the Great Depression.
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CAMBRIDGE – When US President Barack Obama announced in late January his intention to seek tough new rules for banks, he wasn’t expecting to make friends on Wall Street. We will henceforth prevent banks from trading on their own account and from growing too large, Obama declared. The internal battle within the Obama administration seemed to have been won by Paul Volcker, the impressive and outspoken former Federal Reserve chairman who has long been a critic of financial innovation.