As a consequence of the current financial and economic crisis, the EU and the US are in the midst of fundamental institutional and regulatory changes. Appropriate regulatory responses given to recurring crises are persistent problems of capitalism. In the period of economic upturn preceding the current crisis, developed countries’ money markets seemingly worked with incredible efficiency. This created the moral foundation for deregulation. The nightmare of recession seemed but a mirage, and the stringency of the regulatory environment started to ease up amidst general optimism. However, the current crisis has proved that the regulatory environment was inappropriate to tackle the complex and often opaque operation of financial markets in recent decades. [...] Bővebben!

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