And there is much more to be done, it suggests, involving cross-border banking, disclosure requirements, indices of systemic risk and international co-operation.
But the risk that the recent homeward flow of bank assets will ossify into a less efficient, less flexible cross-border banking system is real and growing.
Partly as a result of the Iceland fiasco, the British government has written to the European Commission seeking urgent consideration of improvements to legislation of cross-border banking in the EEA, including better ways of protecting depositors in branches of foreign banks.
Unless America and other targets of terrorism are ready to adopt such Draconian measures as a total ban on any cross-border banking business with large parts of the world, they will have to persuade other countries to be vigilant, in a way that they have never been before.
It fears being defeated in disputes about the cross-border application of banking rules.
ECONOMIST: Plans for common supervision could easily turn messy
The European Commission is fearful that Poland's stance marks a growing trend of protectionism from states trying to block cross-border mergers, notably in the banking and utilities industries.
The boutique merchant banking firm specializes in cross-border transactions with a focus on assisting clean tech and energy-related companies expand into China and raise capital.
As with UBS, the investigation of Credit Suisse concerns historical private banking services provided on a cross-border basis to U.S. persons.
Several other European countries, such as Italy and Spain, are going through their own banking consolidation, and are shunning cross-border mergers, preferring to find economies at home.
Beijing strictly controls cross-border capital movements as part of its effort to preserve savings at home and protect its banking system from external shocks.
WSJ: Chongqing Court Convicts 18 of Running $10 Billion Money-Smuggling Ring in China
应用推荐