An Update on EU Financial Reforms
The European Union will have to put forth significant effort to develop its own financial regulation system in the absence of strong momentum towards global standards. Nicolas Véron compares US and EU regulatory responses to the global financial crisis and then breaks down the specific areas of reform in which the European Union has acted or is expected to act. The successful creation of the European Supervisory Authorities is the main achievement so far and could lead over time to a distinct European financial regulatory philosophy.
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