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borrowing in supranational standard setting April 9, 2009

Posted by Bradley in : Uncategorized , trackback

Years ago I was told by the editors of an academic journal that I couldn’t write in an academic article that the EU’s harmonized rules on financial regulation might be looked to as a model (not the model, just a model) for the development of international standards (an external reviewer had a problem with the argument). So, when I see things like this I feel a little bit vindicated. The FSF Principles for Cross-border Cooperation on Crisis Management state:

In preparing for financial crises, authorities will … Develop common support tools for managing a cross-border financial crisis, including: these principles; a key data list; a common language for assessing systemic implications (drawing on those developed by the EU and by national authorities); a document that authorities can draw on when considering together the specific issues that may arise in handling severe stress at specific firms; and an experience library, which pools key lessons from different crises.

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