ABSTRACT
In the declaration following the eighth Asia-Europe Meeting (ASEM), the heads of state and government of Asia and Europe announced their resolve to strengthen the resilience and the transparency of the financial system and reform the financial sector. Indeed, the seriousness of the financial crisis calls for no less. The factors that contributed to a situation where the global financial system was dependent on ever-increasing housing prices in the US are now subject to new legislative initiatives in countries around the world. The careless credit issuance and complex securitised products that have caught so many investors’ attention are now the target of scrutiny and restrictions, setting the stage for sweeping regulatory reform.
