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Financial regulation is a political and institutional matter as well as an economic one. Though this might sound obvious, a lot of discourse in the last 30 years has attempted to take out the first two. This is the view of Mark Thatcher, professor at the London School of Economics. In his speech at the summit on Financial Innovation in Luxembourg, he spoke about the pressure for change European regulation is facing. The latest financial crisis has shown us that a lot of things have changed in financial regulation in Europe. 20 years ago, regulation was mainly national, central banks were strong in terms of power and in terms of reputation and change was slow.
But this belongs to the past, says Mark Thatcher, who enumerates the reasons why there is...
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