Conclusions: Over-Regulation or Under-Regulation?

The concluding chapter addresses three underlying issues that appeared frequently in the articles and the cases in the book. First, the expectation, and indeed requirement, that regulation would balance conflicting values. The value most challenged in many cases is the public interest, which has to be balanced with conflicting values such as—the sector’s stability, or the shareholders’ interests. Second, the issue of centralized or decentralized mechanisms of regulation—bottom-up or top-down. In many of the cases, both mechanisms operate side by side, often without proper coordination. Third, the quest for new regulatory tools, especially such arrangements—formal or agreed upon—that involve the regulated bodies or the public at large. It was found that such tools do increase trust and could render regulation more effective. In general, regulation could benefit from a more comprehensive policy design, new methods and tools, and coherence among the regulatory agencies.