Texto para Discussão, Instituto de Pesquisa Econômica Aplicada (IPEA) 1581
The analysis of the main features of the international financial architecture that contributed to the deepening of the financial crisis allows to outline the necessary reforms in the supervision and regulation. To be effective, such reforms would have to be international in scope and include financial banking and non banking institutions a whose interaction in the over the counter markets, through instruments such as credit derivatives and asset backed securities had a significant role in the process of risk accumulation. The opposition of the United States has led to proposals for such reforms being discussed nationally or within economic blocs like the European Union. These proposals are analyzed, both as regards their suitability for the purpose of preventing the emergence of new similar episode, as with regard to the points of convergence and divergence between them and the stage of the development of these discussions.