The Regulatory Aftermath of the Global Financial Crisis

The EU and the US responded to the global financial crisis by changing the rules for the functioning of financial services and markets and by establishing new oversight bodies. With the US Dodd–Frank Act and numerous EU regulations and directives now in place, this book provides a timely and thoughtful explanation of the key elements of the new regimes in both regions, of the political processes which shaped their content and of their practical impact. Insights from areas such as economics, political science and financial history elucidate the significance of the reforms. Australia's resilience during the financial crisis, which contrasted sharply with the severe problems that were experienced in the EU and the US, is also examined. The comparison between the performances of these major economies in a period of such extreme stress tells us much about the complex regulatory and economic ecosystems of which financial markets are a part.

1. Crisis-driven regulatory reform: where in the world is the EU going?; 2. The legacy effects of the financial crisis on regulatory design in the EU; 3. Why did Australia fare so well in the global financial crisis?; 4. The political economy of Dodd–Frank: why financial reform tends to be frustrated and systemic risk perpetuated.

This scholarly and balanced examination of financial regulatory reforms in the US, EU and Australia is essential reading for anyone seeking a clear and coherent overview of new-era financial regulation, why it has taken the shape that it has and what it means for the future.

Professor Eilís Ferran is Professor of Company and Securities Law at the University of Cambridge and a University J. M. Keynes Fellow in Financial Economics.
Jennifer Hill is Professor of Corporate Law and a Director of the Ross Parsons Centre of Commercial, Corporate and Taxation Law at Sydney Law School, Australia.
Professor Niamh Moloney is Professor of Financial Markets Law at the London School of Economics and Political Science and a Fellow (Household Finance) of the Centre for Financial Studies, Frankfurt.
John C. Coffee, Jr is the Adolf A. Berle Professor of Law at Columbia University Law School and Director of its Center on Corporate Governance.