What are the animating principles that underpin this regulatory activity? Financial stability is certainly at the top of the list. A century or so ago, after the Great War, nations were determined to build the global governance apparatus that would bring enduring peace. So are the financial regulators of today with regard to financial stability.
But financial stability has not always been the only objective of financial regulation, or even the central one. Not so long ago, the central regulatory impetus within the single market for financial services was to remove obstacles to freedom of services and freedom of establishment. At times, in Europe but also outside of Europe, prominence was given to fostering competition, innovation, or affordability.