Global and Regional Financial Regulation: The Viewpoint of a European Securities Regulator

摘要: Abstract This article gives an overview of the efforts, worldwide and on a regional, that is, European, basis for introducing more effective better harmonised financial regulation. Recent initiatives, especially work G20 creation Financial Stability Board (FSB), indicate greater interest in coordination regulatory intervention. The crisis has however dealt serious blow to previously existing international dialogue, fear exists main regulators may withdraw their national battlefields. Major changes supervisory architecture are planned European Union: detailed coordinated app-roach regulation monitoring application regulations is proposed by creating System Supervisors. A Systemic Risk will also be introduced. These comparable US contribute reactivating dialogue. core challenge remains agreements, both at regional level, there no ready answer this. Policy Implications • International local should coordinated. • Regulators coordinate better, as markets international, arbitrage undermine effectiveness. • Macro micro supervision have integrated without losing specificity. • The present cooperation mechanisms been conceived fair weather. • Adequate instruments developed deal with crisis, levels.