Policy Brief, May 2011

A cursory read of the FSB’s report on progress in the implementation of G20’s reform agenda indicates how vast the agenda has become. Agreement on the international agenda is being accompanied by measures implementing this agreement at national level and at the level of the EU. The focus attention of policy makers and regulators concerns not merely the effectiveness of reform measures in reducing financial risks but the need perceived by national authorities for a reasonably high degree of convergence of reform to prevent frustration of the reform’s objectives by regulatory arbitrage in the form of firms’ search for locations in which activities will be most lightly regulated.

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