It took enormous political energy on the part of the Heads of State or Government, following the financial crisis, not to give in to it. But whenever this political will weakens, the temptation of a race to the bottom returns.
Such a temptation exists in the United States, although for the time being the new administration has not expressed any desire to backtrack on financial cooperation, either in the G7 or the G20, which is comforting. Emmanuel Macron has also said that he wants to reconsider certain banking rules, notably on the required level of own funds.