对跨大西洋金融监管说“是”

华盛顿—随着2014年的到来,欧盟和美国的监管关系冲突信号尽显。美联储对外国银行的严厉新规引起了欧盟委员会的反弹,扬言要报复。美国和欧洲的衍生品规则的协调工作进展落后。衍生品是金融危机的主要原因之一。欧盟和英国“隔离”银行存款的计划从形式到实质都不同,与美国新采取的沃克尔规则(Volcker rule)也不相同。

但大部分观察者从日益加剧的分歧中得出的教训——即,即使在金融监管领域,权力政治也压倒了共同好处——是不完全的。毕竟,监管分歧并不仅仅是国家利益差异的产物;外交实践和协作效率的高低也起着作用。

比如,一项最新研究强调G-20领导人没能在2008年危机后给出一致的、可实现的金融监管日程实施路线图。在过去的十年中,各国首脑一直在不但要求监管者处理资本要求这样的大问题,也要求他们处理场外市场衍生品和信用评级改革等其他问题。但是,在此期间,官员或多或少地拥有自由裁量权,这导致问题得根据不同的经济和政治周期予以解决。

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/zouQqg7/zh;
  1. An employee works at a chemical fiber weaving company VCG/Getty Images

    China in the Lead?

    For four decades, China has achieved unprecedented economic growth under a centralized, authoritarian political system, far outpacing growth in the Western liberal democracies. So, is Chinese President Xi Jinping right to double down on authoritarianism, and is the “China model” truly a viable rival to Western-style democratic capitalism?

  2. The assembly line at Ford Bill Pugliano/Getty Images

    Whither the Multilateral Trading System?

    The global economy today is dominated by three major players – China, the EU, and the US – with roughly equal trading volumes and limited incentive to fight for the rules-based global trading system. With cooperation unlikely, the world should prepare itself for the erosion of the World Trade Organization.

  3. Donald Trump Saul Loeb/Getty Images

    The Globalization of Our Discontent

    Globalization, which was supposed to benefit developed and developing countries alike, is now reviled almost everywhere, as the political backlash in Europe and the US has shown. The challenge is to minimize the risk that the backlash will intensify, and that starts by understanding – and avoiding – past mistakes.

  4. A general view of the Corn Market in the City of Manchester Christopher Furlong/Getty Images

    A Better British Story

    Despite all of the doom and gloom over the United Kingdom's impending withdrawal from the European Union, key manufacturing indicators are at their highest levels in four years, and the mood for investment may be improving. While parts of the UK are certainly weakening economically, others may finally be overcoming longstanding challenges.

  5. UK supermarket Waring Abbott/Getty Images

    The UK’s Multilateral Trade Future

    With Brexit looming, the UK has no choice but to redesign its future trading relationships. As a major producer of sophisticated components, its long-term trade strategy should focus on gaining deep and unfettered access to integrated cross-border supply chains – and that means adopting a multilateral approach.

  6. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now