Having discovered the pitfalls of light regulation, policy-makers around the world are engaged in the daunting task of establishing a tougher framework for regulating the vast and complex banking and quasi-banking industry. But reaching agreement on common standards across diverse jurisdictions and then expecting these rules to bring financial stability appears to be little more than a ‘pipe dream’, as regulation in any form provokes resistance, distortion and evasion.
There is a different, thou
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