Homogenous global standards and strategy for financial reform
YankeeJim | May 26, 2010 at 03:21 amby
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Out the window
Watching the US Government’s broken system, financial reform moved slowly to a state of entropic compromise. (JoshArizona, please critique my thinking).
In the story below, the key word is “harmonize.” The process is to reconcile the world’s business rules, laws and regulations, and data dictionaries, standards, and implementation conventions into a workable system of trust. Would not that process have to begin inside the nation states?
Inside Great Britain they call the government a coalition and have a way to deal with compromise. Inside the USA, the system is in charge, and the parties, all three, four, and more emerging just limp along.
Like the leak at the bottom of the Gulf, we remain, ruptured with no healing in sight.
“U.S., Europe fall out of step on global financial reform
By Anthony Faiola and Brady Dennis
Wednesday, May 26, 2010
LONDON -- The global campaign to harmonize rules for financial firms is swerving off course, threatening efforts to curb the risky bets that rocked the world economy two years ago.
As U.S. Treasury Secretary Timothy F. Geithner lands in Europe on Wednesday, differences are growing among world leaders over how to keep the promise they made at the height of the financial crisis: that they would work together to reshape how finance is governed. Their aim was to avoid another upheaval by making financial rules consistent across borders and closing loopholes.
But the United States and Europe are increasingly pursuing their own -- sometimes clashing -- paths to reform, potentially undermining the regulatory overhauls taking shape on both sides of the Atlantic.”