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sound regulation November 17, 2008

Posted by Bradley in : Uncategorized , trackback

The G20 declaration contains a call for “sound regulation”:

We pledge to strengthen our regulatory regimes, prudential oversight, and risk management, and ensure that all financial markets, products and participants are regulated or subject to oversight, as appropriate to their circumstances. We will exercise strong oversight over credit rating agencies, consistent with the agreed and strengthened international code of conduct. We will also make regulatory regimes more effective over the economic cycle, while ensuring that regulation is efficient, does not stifle innovation, and encourages expanded trade in financial products and services. We commit to transparent assessments of our national regulatory systems.

It remains to be seen whether sound regulation is in fact sound (better regulation pretty clearly wasn’t in fact better).

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