Second, post-reform, banking regulation shifted from being prescriptive to being prudential. This implied a shift in balance away from regulation and towards corporate governance. Banks now had greater freedom and flexibility to draw up their own business plans and implementation strategies consistent with their comparative advantage. The boards of banks had to assume the primary responsibility for overseeing this.
Economic research shows that in the United States, in the year after a regional labour demand shock, labour mobility accounts for about one-half of the increase in regional employment resulting from that shock.