ABSTRACT
Perhaps the most debated area of financial services that people associate with the global financial crisis, the one that triggered the Great Recession of 2008-2009, is regulatory failure. Public opinion, politicians, and some policy makers have converged on the need to overhaul the financial regulatory system because of its failure to prevent the deepest and widest banking crisis since the 1930s. Although regulatory reform is unlikely to be entirely comprehensive around the world, it is no exaggeration to argue that, in terms of unifying and strengthening global banking regulation, the crisis marks a watershed.
