Speakers of the session
Klaas KnotDe Nederlandsche Bank, President & Vice Chair, Financial Stability Board
David WrightEUROFI, President
William CoenBasel Committee on Banking Supervision, Secretary General
Andrei MagasinerBank of America, Treasurer
Brian D. QuintenzU.S. Commodity Futures Trading Commission, Commissioner
Shunsuke ShirakawaFinancial Services Agency, Japan, Vice Commissioner for International Affairs
Objectives of the sessionA global economy requires a global financial system. Regulatory barriers on global activities have the same negative impacts as trade barriers.
Following the 2008 crisis, global cooperation on financial regulation has become increasingly important over the last decade to achieve a resilient financial system. In 2009, the G20 launched a comprehensive programme of reforms to increase the resilience of the global financial system while preserving its open and integrated structure. Timely and consistent implementation of these reforms is essential to achieve sustainable growth.
Financial markets are experiencing weakening multilateralism and increasing levels of fragmentation. Several categories of fragmentation have been identified: Local Supervisory measures and Ring-Fencing, diverging standards, extraterritoriality and obstacles to cross-border cooperation and information sharing. It is therefore welcome that the Financial Stability Board (FSB) has launched a new initiative to explore ways to address the risk of market fragmentation.
The objectives of this exchange of views is to discuss the perspectives of global financial regulation in a context where some jurisdictions want to act independently or make sure that regulation considers their own specificities. Speakers will be invited in particular to identify the areas where banking and financial markets are affected by the G20 reforms and by fragmentation, their consequences and the priorities needed to mitigate them.
Points of discussionHave the G20 reforms gone too far, weakening unnecessarily financial institutions? In which areas?Is there broadly a level global playing field?
Is global fragmentation emerging again? How to address the lacunae?
What are the new global policy challenges and G20/FSB, Basel policy priorities?