Not all financial regulation is global

he Financial Crisis has intensified the focus on financial regulation at global level, placing it at the top of the G20 agenda. However, global convergence is made more difficult by financial multipolarity, meaning the increased diversity of political preferences reflecting the rise of emerging economies, and financial reregulation, or the trend towards stronger regulation of financial systems to buttress financial stability. In this Policy Brief Nicolas Véron and Stéphane Rottier suggest policy priorities for global leaders in a context where global harmonisation of all aspects of financial regulation cannot be achieved, but action is needed at global level to prevent fragmentation of capital markets. This paper is complemented by the same authors' "An Assessment of the G20's initial action items. Bruegel Policy Contribution 2010/08, September 2010 (on this archive), which assesses the implementation and follow-up of the 47 action items included in the G20's agenda since its first summit in Washington in 2008.