This brief article offers valuable criticism of world leaders who are backtracking on their promises to repair and improve the financial system via cooperation. Douglas J. Elliott, a former investment banker, explains how nations are looking out for their own interests instead of collaborating to ensure reforms and rules attain a high standard. He highlights the risk of complacency now that the immediate danger of a total financial meltdown has passed. Though it is somewhat vague on details, getAbstract recommends this compact appraisal of the lack of international cooperation in financial regulation to policy makers and investors.
In this summary, you will learn
- How national self-interest and a lack of trust are hindering cooperation among nations and financial institutions,
- Why the Basel Committee is divided, and
- Where Europe’s banking union currently stands.
About the Author
Douglas J. Elliott was an investment banker for twenty years. He is now a fellow of economic studies at the Brookings Institution.