Abstract
The current financial downturn has had numerous effects worldwide. There is great demand in 2009 for tighter regulation in order to overcome this crisis and prevent future ones. The author warns, however, that this must not result in the dismantling of financial market integration and the stifling of financial innovation. Though it seems hard to believe these days, the market-based financial system has made a big contribution to global growth. While some of the structures created have not been sustainable, reverting to fragmented, nation-based, and overregulated banking markets is not the answer. Walter stresses the need for greater resilience in terms of more sophisticated market participants, stronger market infrastructure and supra-national structures for the regulation and supervision of the global financial system.
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