So much for international financial regulation

By Justin Fox | July 23, 2009 | +

John Gapper on where things stand in reforming the global financial system:

This leaves us precisely where we started, with France and Germany tilting misguidedly at hedge funds while the UK and the US fear to clamp down on large banks in case they move from New York to London (or vice-versa) or locate themselves offshore.

It does seem like, if we want to have a global, more or less borderless financial system that actually works, we need some sort of global consensus on how to regulate it. And we seem farther from that consensus than we were a few months ago.

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