Global Bailout?

Whether or not the American bailout of the financial sector includes significant regulatory provisions, there’s already an emerging European consensus that the current crisis demonstrates the need for a regulatory body on a global level. From the EU Observer: Peter Steinbrueck, Germany’s Social-Democrat finance minister, raisedon Sunday (21 September) the idea of “an international authority thatwill make the traffic rules for financial markets,” while speaking toGerman radio, Reuters reports. Meanwhile, UK Prime Minister Gordon Brown is to outline proposals forjust such a body, run under the authority of the International Monetaryfund, in a speech to the Labour Party conference on […]

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