The global economic crisis brings into relief differences among nations as they tackle financial regulation. A look at principles behind U.S. and European systems.
In a webcast debate, Allan Meltzer jousted intellectually with Stuart Mackintosh on the pros and cons of regulation as a means to avert another financial crisis.
Efforts to mitigate the financial crisis have U.S. and European regulators working together, but differences between the two systems will likely remain.
In Focus
The notion that financial markets are self-correcting if left to themselves has fallen into disfavor as a result of the current economic crisis. Joel Trachtman and George Soros contend that regulation is needed to avoid economic calamities in the future.