Financial market regulation in the shadow of the sovereign debt crisis
The financial market crisis of 2008/2009 triggered efforts at re-regulation at all political levels, national, European, and international. Reform demands had been radical and comprehensive but effective regulatory change was halting, and then in summer 2011 the related connected sovereign debt and euro crises came to preoccupy political attention. Regulatory financial market reform nevertheless continued. This paper traces both the shift in political attention and the continuing regulatory activities of different bodies between the summer of 2011 and the summer of 2013. The analysis highlights the time profile, the specific selectivity, the recursive nature, and the stepwise concretization of reforms. Finally, the issue is raised whether the reform process will eventually lead to increasing regulatory harmonization, or increasing international diversity of financial market regulation.
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