Legislating, Decision-Making, Practice and Education
Edited by Mary Hiscock and William van Caenegem
Chapter 1: Internationalisation of Law – The ‘Complex’ Case of Bank Regulation
Lawrence G. Baxter* INTRODUCTION The Global Financial Crisis (GFC) has precipitated a slew of those ‘once in a lifetime’ events that seem to be reshaping governance frameworks for the long term. Such is surely the situation for international banking regulation.1 After years of congenial quiescence, largely in the custodianship of economists, the subject has effervesced, out of one international financial crisis after another, fomenting pseudo-legal forms and exhibiting a level of complexity that would have delighted the most scholastic medieval mind. Heads of state profess involvement and powerful nations and regions, once able to impose their will on smaller nations, are learning to pay attention to the experience of other countries.2 International regulatory organisations and public policy experts have been enjoying a field day diagnosing what went wrong and recommending what to do next.3 At the end of March 2009, during a summit of industrialised and developing countries known as the G-20, an analyst for the Financial Times wryly pondered whether the chaotic system of finance that has swept the globe over the past two decades could ever be controlled effectively, noting that numerous grand declarations of joint intent on the part of many nations have not been matched by significant concerted action.4 The GFC has indeed brought forth a concentration of such pledges of concerted action such as is seldom seen. The G-20 summit is one such example. The European Commission (EU) has announced its own intent to restructure European bank regulation.5 The G-8 finance ministers have also pledged...
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