How did the financial crisis influence the war of New York and London in competition for the world's position of distinction? London is said to have lost its leading edge over New York. Currently, the financial status of these twin sisters are now equally matched. So to speak, this situation is just like a long-lasting marathon. In the long term, the general pattern of supervision and taxation, especially the way to deal with such institutions in the future as being too big or too interconnected with one another to close down, will determine the result of the competition. An insurance bet is the New Basel Agreement, providing a fair basement for the competition on both the capital and liquidity.Necessary Tricks that Deserve to Learn for Maintaining Your ugg classic tall
Unilateral movement will bring unpredicable situation, but the United States is trying this step. Obama's proposal on banking tax which initially looked like lifting a rock only to drop it on their own feet now seems less like what we thought before. The political climate between Britain and continental Europe is changing. In terms of the issues on banking tax, their attitudes are becoming more and more hostile. However, it is hard to believe that the 1336-page Dodd Bill concerning the U.S. financial reform will not produce unexpected consequences.Buy Most Magnificent ugg classic short for Yourself!
It is more interesting that whether Obama Administration`s support for Paul Volcker`s Slimming Program on large financial institutions will have a negative impact on New York or not. U.S. banking industry are good at drumming up support, as they claimed that large and complicated banks need to provide services for their complicated international companies. If Walker has his wishes fulfilled, a number of corporate banking will expand their businesses to Europe as long as the model of universal bank can survive there.
As for England, before the election, three main political parties have unexpectedly come up with disturbing punishment plans for top bankers. Chancellor of the Exchequer, Alistair Darling, has expressed great passion for ban-type line. If the Conservative Party Sounded more aggressive, then, in view of the ability that financial circle continues to create jobs, there will be still a problem that whether it will opposite head-on against the bank.
According to estimation, American regulation will be striken seriously by some politics. While in England, the destruction of tax is more huge. As Philip Booth from the Institute of Economic Affairs pointed out, Britain has the world's longest tax code. Britain raised the income tax recently and implemented a series of measures against non-resident which has made a large part of the foreign business community in Britain alienated.
It is difficult to say that the balance between the two financial centers will be in favor of which side. But it will be true that winning the game is not a real victory. If you can not put forward an effective proposal in supervision to address the issue of systematic risk, then the winning could only be described as a "miserable victory".