Edited by John Raymond LaBrosse, Rodrigo Olivares-Caminal and Dalvinder Singh
Chapter 6: Regulatory responses to the financial crisis
That phrase was coined by Rahm Emmanuel, the former chief of staff of US President Barak Obama, in response to the crisis, and since then it has been used in a variety of contexts. It encapsulates the policy, regulatory and political need to do something, to respond to the popular (or populist) demand for regulation. ‘Never again’ is a slogan that policy-makers and politicians have often uttered in response to the worst global financial crisis since the Great Depression. While there is a consensus regarding the magnitude and severity of the crisis, there are contrasting – even opposing – views, when it comes to understanding the causes of the crisis and the regulatory responses that can best tackle the imbalances and fragilities that were at its root and thus fix the problems of the financial system.
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