International financial regulation after the crisis

What was once almost quaintly referred to in the United States as the Subprime Crisis eventually came to be known, in America and abroad, as the Great Global Credit Crisis of 2008-2009.The change in terminology is itself indicative of the international spread of the crisis.It reflects how, in the end, no country was immune to the global reach of ½nancial instability.Now that the worst effects are past, of-½cials have begun drawing lessons and formulating policy responses.The United States has focused on strengthening mortgage underwriting standards, moving transactions in derivative ½nancial instruments onto organized exchanges, and curbing proprietary trading by depository institutions insured by the Federal Deposit Insurance Corporation (fdic).The United Kingdom has emphasized the perverse incentives created by bonus-based compensation of ½nancial executives and sought to reform executive pay.France and Germany have singled out the risks created by lightly regulated hedge funds and private equity ½rms.Of½cials in other countries have prioritized still other issues.On what should take precedence there is little agreement.