Comment

Article Abstract:

John G. Heimann's article on removal of systemic risk highlights the need for increased awareness but the skepticism regarding possible solutions highlights the need for global financial institutions to be subject to special regulations. National regulations are either inefficient in promoting risk management practices or are inappropriate altogether while an industry-regulated system would also prove to detrimental so a form of joint regulation would be a better solution.

Financial Services, Finance and Insurance, Financial services industry

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Comment

Article Abstract:

Tommaso Padoa-Schioppa's presentation on global supervision has successfully highlighted the need for integrated supervision but his paper may lead some to underestimate the obstacles involved. Considerations in its successful implementation is the European Union's recognition of regulatory response to these functions, the regulatory emphasis on objectives and not functions and, the sufficiency of existing international institutions to support this movement.

Planning, International business enterprises, Multinational corporations

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