The world is becoming increasingly global. This raises important challenges for regulatory processes which still largely emanate from domestic jurisdictions. In order to eliminate unnecessary regulatory divergences and to address global challenges pertaining to systemic risks, the environment, and human health and safety, governments increasingly seek to better articulate regulations across borders and to ensure greater enforcement of rules and their application across jurisdictions.
This report gathers in a synthetic manner the knowledge and evidence available to date on the various mechanisms available to governments to promote regulatory co-operation, and their benefits and challenges. The review of evidence confirms the increased internationalisation of regulation, which takes place through a wide variety of mechanisms and multiple actors, and highlights a shift in the nature of IRC from complete 'harmonisation' of regulation to more flexible options - such as mutual recognition agreements. Despite growing regulatory co-operation, however, decision making on IRC is not informed by a clear understanding of benefits costs and success factors of the diverse IRC options.
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This statement by Adrian Blundell-Wignall and Paul Atkinson was presented to the German Bundestag's Finance Committee Hearing on the Draft Bank-Separation Law (Drucksache 17/12601) on 22 April 2013.
The OECD provides an update on global economy in this statement to the International Monetary and Financial Committee - April 2013.
We are witnessing an increasingly worrying disconnect between buoyant financial markets on the one hand and a stubbornly weak real economy leading to uncertain prospects for companies, and enduring economic hardship for people, said OECD Secretary-General.
The management of operational risk is at the heart of efficient government, but countries often fail to apply good or even routine operational risk management practices and have difficulty in understanding how to put the processes in place. This paper sets out a widely-applicable and relevant policy approach and management framework and illustrates its practical application in Turkey.
The implications of the European sovereign debt crisis for Asia, the globalisation of the funding of investments and the contribution of long-term institutional investors to growth were amongst the topics explored at the 2013 Tokyo Roundtable.
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This article summarises discussions from a financial roundtable addressing concerns about structural flaws in the way banks operate and are being regulated and supervised in the wake of on-going banking sector problems involving financial fraud and banking scandals.
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This article by OECD Deputy Secretary-General Rintaro Tamaki focuses on three issues that will be important in shaping the future of the Asian economic and financial community: trade, funding long-term investment and strengthened regional financial co-operation.
Adrian Blundell-Wignall blogs about the policy mistakes and failure of collective responsibility that led to the Cyprus crisis and proposes alternatives to the myopic, badly conceived plan proposed by the Troika.
The global economy is not out of the woods yet and we urgently need to find the drivers of more vigorous, inclusive and sustainable growth. We need to promote a new type of growth, one with stronger rules for efficient but responsible markets; one that enhances environmental progress; one that promotes social inclusion, says Angel Gurría.