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Session Videos

Paul Volcker on Sovereign Wealth Funds and the Economy


Ewald Nowotny of the Austrian National Bank explains, "Why Salzburg?"

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Schloss Leopoldskron
15th Annual Freeman Salzburg Symposium on Dynamic Asia: Strategies for a Common Future 
Financial Regulation: Bridging Global Differences
16 Aug - 19 Aug, 2012
 Optimizing Talent - Closing Education and Social Mobility Gaps Worldwide: Higher Education and Lifelong Learning

overview
Abstract:
In response to the global financial crisis, regulatory authorities in the US, Europe and Asia undertook at the request of the G-20 an overhaul of their financial regulation systems with the aim of monitoring better systemic risk posed by market activities, and ensuring more effective supervision of systemically important financial institutions and their cross border operations. The Dodd-Frank legislation was enacted in the US, a financial regulation reform package agreed in Europe, the "Basel III" accord on capital requirements for financial institutions was agreed, and the Financial Stability Board is working on proposals about the appropriate structure of resolution authorities and international coordination among resolution authorities.

Important steps toward global coordinated regulation have been taken, in particular within the framework of the Financial Stability Board. However, these efforts remain insufficient. Moreover, divergence of approaches in the US and Europe, fears of a less rigorous regime in Asia-Pacific, and differences in implementation of rules, prevent the creation of an integrated global regulatory regime and pose a danger of "regulatory arbitrage."

The session will bring together regulators, bankers, economists, lawyers and other experts from different continents to discuss recent trends in regulatory reforms in the US, Europe and Asia. Participants will assess the efficacy of the adopted and proposed reforms and will explore the extent of convergence between different jurisdictions, highlighting key differences. They will also review the challenges to global financial supervision and international cooperation, changes in market structure and will discuss the major challenges in the area of supervision and resolution which regulators and supervisors will face in the years ahead.

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Session Faculty

Ewald Nowotny
 
Andrea Enria

 
In Partnership with:

 
 
Related SGS Programs
Unlocking the Debt Conundrum: Paths to Growth and Fiscal Sustainability Planning Workshop
08 Mar - 10 Mar, 2012
New Rules for Global Finance: Which kinds of regulation are useful and which are counterproductive?
08 Mar - 10 Mar, 2011
The Search for Stability: Financial Crisis, Major Currencies and a New Monetary Order
18 Apr - 22 Apr, 2009
Sovereign Wealth Funds: Risks and Opportunities for Global Financial Markets
27 Sep - 01 Oct, 2008
(Session 456)
Challenges to the International Monetary System: Rebalancing Currencies, Institutions, and Rules
29 Sep - 03 Oct, 2007
(Session 445)
 


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