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A survey canvassing the views of financial services professionals, following the G20 meeting in April, on the impact of the latest phase of the global financial crisis on the future for financial institutions shows that some 68% think that better regulation could have prevented the global crisis.
Many attribute the severity of the global financial crisis to a failure in regulation. There is a general sentiment that tougher regulation is required to prevent the problems of the past from reoccurring and that a greater degree of international co-operation is necessary. But there is concern that a one-size-fits all approach fails to acknowledge the different geographical and market segmental impact of the crisis.
Some 61% believe that global regulation of financial institutions is not practical, saying that it is highly unlikely that a stable financial system, an integrated financial system and national financial autonomy are all compatible.
Some 52% say tighter regulation will impede a recovery. Although the US and UK governments in ...