However, there is little question that there is a strong and inexorable process of global financial integration, which, with all the risks it entails, does have large potential benefits for all countries concerned. One important requirement for realizing these benefits is a set of common regulatory principles, standards and practices across countries.
These are necessary to ensure that capital flows across the world based on genuine consideration of fundamental returns and risks and not on arbitrage between different regulatory environments. Certainly in theory, this should not be the cause of any division; there is a clear common and shared interest in the outcome.