The global financial crisis showed that domestic authorities need to cooperate and financial regulation has to be set at the global level. Still, global regulation raises a number of problems: global financial standards – which were many even before the crisis – can be ineffective. Moreover, the accountability of global regulators – based on technical expertise and lacking democratic accountability – is questionable. The Basel Committee’s capital accords are a case in point. Basel II was highly criticized, Basel III has a negative impact on growth (not to mention the critics about the methods it is based upon). The Committee sets its rules following a due process, involving the stakeholders and especially the banks. A reform of this due process is needed, both to avoid the risk of regulatory capture (leading to ineffective rules) and to foster the accountability of the Committee. The implementation process of the global rules shows there is a trade-off between efficiency and accountability, and only a change in the standard setting process can square a proper balance between the two.
La regolazione globale alla prova della crisi. Il caso della ricapitalizzazione delle banche / Battini, S; De Bellis, M. - In: BANKPEDIA REVIEW. - ISSN 2239-8023. - 1(2012), pp. 31-57.
La regolazione globale alla prova della crisi. Il caso della ricapitalizzazione delle banche
Battini S;
2012
Abstract
The global financial crisis showed that domestic authorities need to cooperate and financial regulation has to be set at the global level. Still, global regulation raises a number of problems: global financial standards – which were many even before the crisis – can be ineffective. Moreover, the accountability of global regulators – based on technical expertise and lacking democratic accountability – is questionable. The Basel Committee’s capital accords are a case in point. Basel II was highly criticized, Basel III has a negative impact on growth (not to mention the critics about the methods it is based upon). The Committee sets its rules following a due process, involving the stakeholders and especially the banks. A reform of this due process is needed, both to avoid the risk of regulatory capture (leading to ineffective rules) and to foster the accountability of the Committee. The implementation process of the global rules shows there is a trade-off between efficiency and accountability, and only a change in the standard setting process can square a proper balance between the two.File | Dimensione | Formato | |
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