Title: Enlightenment from German Financial Supervisory Regime for Building Shanghai International Financial Center
Abstract: The overwhelming sub-prime mortgage disturbance throughout the world has been greatly effecting the global economy and society,but Germany,with its stringent financial regulatory system,has maintained the basic stability of its economy.At present,there are still such problems: the local laws and regulations for financial supervision and management are absent in the financial regulatory system in Shanghai;lack of effective monitoring mechanism for the coordination between financial supervisory departments;the substantive rights of the financial regulatory authorities are limited;international cooperation in financial supervision and other issues are not enough.Germany's financial regulatory system and their measures taken after occurrence of sub-prime mortgage offer us meaningful lessons to promote the construction of Shanghai international financial center,and its financial regulatory regime: formulating laws and regulations on financial supervision,improving the financial divisional regulatory regime,granting financial regulatory authorities in Shanghai more power,strengthening international cooperation on financial supervision.
Publication Year: 2009
Publication Date: 2009-01-01
Language: en
Type: article
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