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.
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, particularly focusing on the following key questions:
Key Questions
Target Audience
This session is open to a broad range of professionals, dealing with international financial regulation and supervision, including government officials, legislators, regulators and supervisors, bankers, lawyers, academics in economics and finance, journalists and civil society activists interested in the topic.
Paul Volcker on Sovereign Wealth Funds and the Economy
Former Federal Reserve Chairman, Paul Volcker, was interviewed by Edward Mortimer, Senior Vice President of the Salzburg Global Seminar.
Mr. Volcker chaired the 2008 Salzburg Global Seminar session entitled "Sovereign Wealth Funds: Risks and Opportunities for Global Financial Markets"
Ewald Nowotny of the Austrian National Bank explains, "Why Salzburg?"