The global institutional framework should encompass at least the Financial Stability Board and the main global sectoral standard setters. Its role would not be to try to enforce a one-size-fits-all harmonized set of regulations, he assured, but rather to ensure and, if necessary legally require, that basic globally agreed policy principles are properly implemented by all jurisdictions who are signatories to the Treaty arrangements.
Mutual recognition, substitute compliance and equivalence regimes could be first steps on the path but they will not, in the end, suffice because they are subjective and contestable. A TransAtlantic Treaty between the
and the E.U. would also be a good start, but again, it would insufficient in
the long run given the massive growth of financial markets elsewhere in the