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Financial Regulation and SupervisionA post-crisis analysis$
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Eddy Wymeersch, Klaus J. Hopt, and Guido Ferrarini

Print publication date: 2012

Print ISBN-13: 9780199660902

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199660902.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 27 October 2021

Unfinished Business

Unfinished Business

An Assessment of the Reforms

(p.48) 2 Unfinished Business
Financial Regulation and Supervision

Sir Howard Davies

Oxford University Press

This chapter assesses the reforms proposed for regulatory systems of international financial markets and describes some of the possible uncertainties that they may carry. It analyses first the events that could have caused the 2008 financial crisis and describes the many flaws in the regulatory regime which worsened the impact of the crisis. It cites events in Iceland and the United Kingdom before and during the crisis as examples at the local level, and the G20 at the international level. It also examines how the new reforms would hold up against another crisis. In addition, the chapter tackles the situation of individual countries responding to the effects of the crisis by implementing changes that may sometimes not be compatible with global accords, thus making some of the cross-border issues more difficult to resolve.

Keywords:   international financial markets, 2008 financial crisis, Iceland, United Kingdom

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