De Larosière for long-term value and economic stability
One of the underlying themes that comes from analysing the present crisis is that the policing of the financial system in the broad sense, - ie, including fiscal and monetary policies, regulation, accounting rules, risk assessment and management -was dominated by short-term incentives, and had lost sight of the medium to long term.
I shall try to illustrate how this theme prevailed in four spheres:
- the global financial setting,
- prudential regulation,
- accounting standards, and
-
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