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Financial Markets and Regulatory Accountability

其他書名	Between Technocratic Autonomy and Democratic Direction
出版	SSRN, 2014
URL	http://books.google.com.hk/books?id=5IwMzwEACAAJ&hl=&source=gbs_api

註釋Dorn's chapter addresses three, inter-related public goods: systemic stability of financial markets, diversity in regulatory regimes, and democratic steering. Politicisation and democratic control of financial market policies and regulation - introducing a greater diversity of objectives and business models across countries and regions - has potential to reduce market herding, 'Too Similar To Fail', 'Too Connected To Fail' and public subsidy of private actors. This analysis, both functional and normative, is compatible with a global regulatory design of cooperative decentralization and with a deepening of democracy in the European Union. Within this perspective, accountability narratives are open to criticism as giving cover for a technocratic, one-size-fits-all regulatory mind-set, which is inherently destabilising and crisis-generating.