The Empire Strikes Back

“Look, I ain’t in this for your revolution, and I’m not in it for you, princess. I expect to be well paid. I’m in it for the money.”
— Han Solo, Star Wars: A New Hope

Avinash Persaud, chairman of the Warwick Commission, whose 2009 report on international financial reform was one of the best to come out of the financial crisis, has a short article up on VOXEU dealing with the key policy responses to date.

“The Empire Strikes Back” argues that:

despite appearing to be down and out, the banking lobby has struck back, successfully making the case that all of these initiatives should be postponed or phased-in between 2015 and 2019. By then the pressure for regulatory reform could be a distant memory. Financial regulation veterans will be experiencing déjà vu. In each of the last seven international financial crises, plans for a radical shake up of international regulatory or monetary arrangements made surprising progress, only to be tidied away and stuffed in the bottom drawer once the economy recovered.

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