Friday, February 27, 2009

Economic transparency: curtailing the shadow financial system

Global Financial Integrity in Washington has issued a new report, "Economic transparency: curtailing the shadow financial system." It contains a set of action points for change. A couple of short highlights:

"We may be at a rare moment when the interests of rich and poor countries are synonymous."


"In commentary to date, much more emphasis has been given to strengthening financial regulation, while meaningful improvements in global transparency are seldom mentioned. We believe this is precisely the wrong balance. We believe that much more can be accomplished through transparency than through regulation. While regulation simply tries to provide a tighter set of rules governing financial transactions, transparency requires that the shadow financial system itself be largely dismantled."

And much more.


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