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Published in:
2016 | OriginalPaper | Chapter
1999: Protecting Against the Next Financial Crisis: the Need to Reform Global Financial Oversight, the IMF, and Monetary Policy Goals
Author : Henry Kaufman
Published in: The Best of Business Economics
Publisher: Palgrave Macmillan US
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For many years I have been speaking, writing, and testifying to Congress on the inadequacies of the present outmoded system for supervising and regulating financial institutions and markets on a global basis. I have long believed that those inadequacies would have bad consequences—indeed that they posed real dangers to our financial system and to the global economy. A flawed supervisory and regulatory system increases the likelihood of repeated instances of financial excesses. In turn, those financial excesses are capable of causing a great deal of damage. They heighten volatility in the financial markets. They threaten the safety and soundness of individual financial institutions. And they bring about economic dislocations that are extraordinarily harmful, especially to those least able to protect themselves.