Life for banks and financial markets is about to enter a new phase. The global crisis has spawned, not surprisingly, a plethora of legislative and regulatory proposals, many requiring international agreement and co-ordination.
Politicians, understandably, want to be seen to be taking bold decisions. Yet, at the same time, better performance and judgment in boardrooms also remain an essential part of an improved finance system, for which no regulatory fiat can substitute.
There is a risk that some new rules will yield unintended consequences – discouraging banks from lending, shareholders from investing in banks and broker-dealers from contributing to capital market liquidity.
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