Financial Supervision in the 21st Century
The financial crisis prompted financial supervisors to take a critical look at their own performance. Supervision has become more forward-looking, taking into account also soft controls, such as ‘conduct and culture’, corporate governance, and busin
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Financial Supervision in the st 21 Century
Financial Supervision in the 21st Century
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A. Joanne Kellermann • Jakob de Haan • Femke de Vries Editors
Financial Supervision in the 21st Century
Editors A. Joanne Kellermann Jakob de Haan Femke de Vries De Nederlandsche Bank Amsterdam The Netherlands
ISBN 978-3-642-36732-8 ISBN 978-3-642-36733-5 (eBook) DOI 10.1007/978-3-642-36733-5 Springer Heidelberg New York Dordrecht London Library of Congress Control Number: 2013937334 © Springer-Verlag Berlin Heidelberg 2013 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Foreword
What distinguishes this book is that it is not just about the last crisis and not very much about the law. Most of the analyses that have appeared in the wake of the Global Financial Crisis (GFC) explore the nature of regulations which, if only they had been in place, might have averted the disaster or mitigated its effects. But that particular form of learning seems narrow and partial compared with what we need to minimize, i.e. the likelihood and severity of future crises. Spectacular failures in complex systems are nearly all novel. As with the forensic debriefing of commercial airplane crashes, we know how—by prescribing control enhancements based on retrospective investigations—to ensure
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