The book identifies weaknesses in a system faced with new types of institutions such as hedge funds and private equity, as well as the growth in importance of major developing countries, who have been excluded so far from the key decision-making fora.
The authors Howard Davies, former Chairman of the FSA, and David Green, former Head of International Policy at the FSA, present a timely review of a subject which engages the attention of both national and international authorities.
As international financial markets have become more complex, so has the regulatory system which oversees them. The Basel Committee is just one of a plethora of international bodies and groupings which now set standards for financial activity around the world, in the interests of protecting savers and investors and maintaining financial stability. These groupings, and their decisions, have a major impact on markets in developed and developing countries, and on competition between financial firms. Yet their workings are shrouded in mystery, and their legitimacy is uncertain.
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