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New Rules for Global Finance: Which kinds of regulation are useful and which are counterproductive?
08 Mar - 10 Mar, 2011
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This Session took place at the Oesterreichische Nationalbank in Vienna.
Faculty:
Andreas Dombret
- Member of the Executive Board, Deutsche Bundesbank, Frankfurt am Main
Mr. Doug Elliott
- Fellow in Economic Studies, The Brookings Institution; former Managing Director, JP Morgan, Washington DC
Wenzhong Fan
- Head, International Department, China Banking Regulatory Commission, Beijing
Charles Goodhart
- Director, Regulation and Financial Stability Program, Professor Emeritus, London School of Economics, London
Haruhiko Kuroda
- President, Asian Development Bank, Manila
Alexander Merriman
- Head of Market Policy at SIX Securities Services, Zurich
David Min
- Associate Director for Financial Markets Policy, Center for American Progress, Washington DC
Wolfgang Münchau
- Co-founder and Director, Eurointelligence Advisers; Associate Editor of Financial Times Germany, Brussels
Ewald Nowotny
- Governor, Oesterreichische Nationalbank, Vienna
Kurt Pribil
- Executive Board Member, Austrian Financial Market Authority, Vienna
Barbara Ridpath
- Chief Executive, International Centre for Financial Regulation, London
Clifford Smout
- Head, Center for Regulatory Reform, Deloitte, London
Rupert Thorne
- Deputy to the Secretary General, Financial Stability Board, Bank for International Settlements, Basel
Krirk Vanikkul
- Deputy Governor, Financial Institutions Stability, Bank of Thailand, Bangkok
Eddy Wymeersch
- Chairman, European Corporate Governance Institute; former Chairman, Committee of European Securities Regulators, Brussels
Abstract:
The recent financial crisis not only exposed many deficiencies in the financial sectors around the world, but threatened the very foundations of the global economy. Authorities in the US, Europe and Asia pledged to undertake a serious overhaul of their financial regulation systems and to cooperate better on the international level to ensure more effective supervision of cross-border operations and internationally active financial institutions.
With the Dodd-Frank legislation in the US, the financial regulation reform package agreed in Europe, and most recently the "Basel III" accord setting tougher global rules on capital requirements for financial institutions, the new regulatory architecture is now taking shape. The Seminar session in March will bring together regulators, bankers, economists, lawyers and other experts from different continents to compare notes on the implications of these reforms and to analyze and compare the decisions that have been made, assessing from different perspectives how far old problems have been solved and/or potential new ones created.
Participants will discuss how banks should react to the new regulatory framework, what it means for them, and how business is now being done in international financial markets. They will also address the issue of convergence (or non-convergence) between regulations in Europe, the US, and Asia; the role played by the G-20 and other institutions in creating effective global regulatory responses; and the challenges to international cooperation in the years ahead.
The Salzburg Global Seminar is grateful to the Oesterreichische Nationalbank for their support of this session. 
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Session Faculty
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Alexander Merriman
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Charles Goodhart
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