Regulating in a Pandemic
Many regulatory changes have been introduced around the world in the last two months, understandably in haste, as national policymakers responded to the COVID-19 crisis with measures to keep credit flowing to affected economic sectors. Sadly, unlike after the 2007-09 global financial crisis, signs of international cooperation are few.
LONDON – The years after the 2007-09 global financial crisis were characterized by an orgy of rulemaking by financial regulators around the world to address the weaknesses exposed by the upheavals. Importantly, a renamed and reinforced Financial Stability Board (FSB), reporting to a series of G20 summits, oversaw the process of re-regulation.