At the recent G20 summit, leaders of the world’s leading economies committed themselves to a wide-ranging and specific set of actions aimed at shortening the global economic crisis and strengthening international financial regulation.
International groups such as the Financial Stability Forum (now renamed and empowered by the G20 as the Financial Stability Board), the Counterparty Risk Management Credit Group, which comprises leading international banks, and the Committee of European Bank Supervisors have also made recommendations on how the structure and regulation of financial markets can be improved.
We have yet to see an equivalent Arab response to the crisis; still less, a set of recommendations for what Arab financial markets can learn from the turmoil in the west.
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