Wednesday, November 19, 2008
Back to the Financial Crisis: Beijing vs. Brussels Rules
And a clear divide was present. I characterized this in my contribution to the Stanley Foundation report on global leadership as the tension between the Brussels view of the world--increased transnational regulation--versus the Beijing approach--limited compacts among sovereign states. When it comes to the issue of "supervision" of the financial system, it is not surprising that Washington is leaning much more in the Beijing direction on this issue, at least for now.
Will that change under an Obama Administration? Does the pendulum swing towards the Brussels approach? Specific proposals are due on March 31 in advance of the follow-up G-20 meeting.