An Assessment of the Reforms
This chapter assesses the reforms proposed for regulatory systems of international financial markets and describes some of the possible uncertainties that they may carry. It analyses first the events that could have caused the 2008 financial crisis and describes the many flaws in the regulatory regime which worsened the impact of the crisis. It cites events in Iceland and the United Kingdom before and during the crisis as examples at the local level, and the G20 at the international level. It also examines how the new reforms would hold up against another crisis. In addition, the chapter tackles the situation of individual countries responding to the effects of the crisis by implementing changes that may sometimes not be compatible with global accords, thus making some of the cross-border issues more difficult to resolve.
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