ABSTRACT
The internationalisation of financial regulation distanced it yet further from democracy the latter being based in states and having little purchase upon the global networks and bodies to which regulatory policy-making migrated. In relation to EU regulatory bodies, democracy had limited purchase; indeed, democratic deficit became deepened by the new extra-EU, intergovernmental mechanisms. The possibility discussed here is a radical shift of direction, towards global diversity in financial market policymaking and regulation, driven by national and regional democratic processes. Subsidiarisation appears to tilt an important part of the regulator agenda away from global centralisation. This book presents an alternative: politicisation of policy-making on and regulation of financial markets. This is advanced as a means of bringing greater diversity, stability and economic justice to financial markets. Considerations of functional effectiveness and normative justice go hand in hand here. Whilst such a vista may be nightmarish for large, cross-border market participants, democratically-driven diversity should be regarded as an international public good.
