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。

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