The financial crisis of 2007-09 cost taxpayers in the United States and Europe the equivalent of some 25 percent of world GDP in guarantees and subsidies tomaintain financial stability. This has prompted a major rethinking by governments, financial regulators and central banks of how financial institutions and markets should be supervised and regulated.

This is the eighth joint statement of the Shadow Financial Regulatory Committees of Asia, Australia-New Zealand, Europe, Japan, Latin America, and the United States.

The world—not just the United States—felt the pain of the 2008 financial crisis, and governments rushed to change the way the financial industry was regulated. While from Washington, DC, the Shadow Financial Regulatory Committee has been tracking the progress of financial regulation in America, shadow financial committees around the world have been following regional developments.

This statement is also available here as an Adobe PDF.

Joint StatementShadow Financial Regulatory Committees of Asia, Australia-New Zealand, Europe, Japan, Latin America, and the United StatesCopenhagen (Denmark)September 10, 2007

Executive Summary

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