The Post says that international financial regulatory reform is grinding to a halt, and Mark Carney, who, as Bank of Canada supremo got so active in the subject that the Bank of England hired him to be its supremo, filed a report to the G-20 that was positive, but observed that only 8 of 27 rich jurisdictions have issued final Basel III regulations.

Dan Drezner concludes that travail and intermittent progress is all you can expect from IFR, and most things, presumably.  I only sort of agree.  Carney's report to the G-20 is way better than the sort of mealy-mouthed declarations that characterize much international missive-writing.  Europe is going to implement something substantially stronger than Basel III - call it Basel III plus a Tobin tax - and that will add a bunch more jurisdictions to the total.  And anyway, the deadline for the accord is not yet upon us.

But nobody promised you a rose garden.  If you put your trust in international process, as financial regulators must, you expect backsliding, inconsistency, and progress at extremely ponderous speeds.  You might even characterize is as the worst way to regulate - except for all the others that have been tried.  

Administrative Law, Finance, Financial Crisis, Financial Institutions, Globalization/Trade | Bookmark

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