regulatory responses to the financial crisis: an interim assessment

Howard Davies

from Palgrave Macmillan

Abstract: The global financial crisis that started in 2007 exposed the failure of governments and legislative bodies to regulate the banking industry adequately at a national and global level. Post-crisis reforms and structural changes have ensued: the switch from the G7 to the G20 for example and an attempt to strengthen the centre of the international financial system. The EU now has to decide whether a fiscal and banking union is the logical next step to complete economic integration and to stave off future crises in the Eurozone. In the UK, the Bank of England has assumed greater responsibility for regulation. Whether such responses to this crisis will safeguard against future catastrophe is unknown, but there are already signs that the response so far will prove to be inadequate.

Keywords: banking crises; bank regulation; financial policies; financial crisis; Financial Stability Forum; Bank of England; ECB (search for similar items in EconPapers)
JEL-codes: G2 G21 G32 G38 (search for similar items in EconPapers)
Date: 2012
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