Date Published:
Feb 2010
Document Type:
B
Primary Image:
Research Document:
A new global governance was forged in the white heat of the financial crisis. G7 gave way to G20. Leaders representing 80% of the world’s population met and were resolute in calling for a global policy response to the crisis. Governments opened the fiscal sluice gates, interest rates were slashed, the IMF was given additional resources and the OECD finally got tough with European tax havens. But as the ashes cool, senior officials are quoted one day in the international press saying that “a global approach to banking regulation is necessary”, and the next day the same officials are quoted locally saying “nobody is going to tell us how to regulate our banks”.