European Financial Regulation’s Wrong Turn
The European Union, heeding calls for more effective financial regulation, has just unveiled a plan for a new pan-European watchdog. But, by retaining the principle that financial institutions' home countries are responsible for regulating their activities in other EU countries, the plan may threaten decades of integration by encouraging host countries to re-impose capital controls.
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London – With the crisis in financial systems around the world reflecting massive regulatory failures, calls for more and better oversight abound. Such appeals were heard again at the G-20 meeting in Pittsburgh, and the European Union has just responded, unveiling a plan for a new pan-European watchdog.