Why did the regulatory system (broadly defined) fail to moderate the financial market trends that led up to the outbreak of the crisis in 2007? The Crisis precipitated long overdue changes in the architecture of global financial regulation. The G20 took over from the G7 as the key political body. The Financial Stability Board was renamed and given a new role of co-ordinating the activities of sectoral regulators. How will these changes affect the character of regulation?
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