2.01 Even though other chapters in this book set out the broad lines of reform proposed for regulatory systems, especially in Europe, it is still very difficult to produce a clear assessment of the likely consequences and effectiveness of the reform programmes. That is true in the case of the global changes, and also in respect of individual countries. 2.02 The first reason for this difficulty is that there remain many ‘moving parts’. The G20 have set out some clear directions for change, which have been articulated through the FSB. The Basel Committee has also...
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