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14 Nov 2008 03:26 pm
G-20
The Economist has an article on what to expect at the November 15th world finance meeting. Drezner is pessimistic:
...the basic conundrum is that governments would like to regulate financial institutions in such a way that private capital does not come up with a way to evade those regulations and engage in the exact same activities with a lower regulatory cost. In the history of financial regulation, however, private capital has excelled at regulatory avoidance. Given the complexities of financial markets, I have every confidence that even if the G-20 were to agree on common standards, they would not be airtight. The loopholes that would be found would let the air out of any governance balloon that was inflated.
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