|
On the Brink: Inside the Race to Stop the Collapse of the Global Financial SystemOne of the lessons of the Great Depression is that protectionist actions by industrial nations seeking to wall off their countries to protect their jobs and industries were self-defeating and made that awful downturn longer and more painful. The European Union has already introduced regulation that mandates that certain securities can count toward regulatory capital only if their credit ratings are issued by an agency located in the EU. The EU proposal on alternative investment funds similarly would require fund managers to have established offices in the EU or operate under БЂњequivalentБЂ«regulations; otherwise they would not be allowed access to the EU market. And the EU is requiring that credit default swaps be cleared through clearing parties located in its member states. As a result, a number of other countries have indicated that they are considering similar territorial restrictions. The potential fragmentation is not limited to Europe. The U.S. has prohibited banks receiving certain federal funds from issuing H-1B visas to hire highly skilled foreign nationals, even though such people would add value to the economy. The February 2009 U.S. stimulus bill contained a БЂњBuy AmericanБЂ«provision that has led to similar protectionist language in other bills ...» |
Код для вставки книги в блог HTML
phpBB
текст
|
|