Reinventing Financial Regulation: A Blueprint for Overcoming Systemic Risk

CHAPTER   14

The Locus of International Financial Regulation

Local or Global?

In November 2008, China, India, and Brazil moved from waiting in the corridor outside as world powers met to being invited inside.¹ This broadening legitimacy of the world’s steering committee, from the G-7 to the G-20, is right and to be commended. It is not without difficulty. The shift in influence is to a group of countries that share little other than economic power. They have diverse experiences, challenges, cultural perspectives and starting points. This is particularly apparent in the field of financial regulation. Reflecting this, the developments in financial regulation across these countries since the Global Financial Crisis (GFC)—despite the triumphalist ...