The UK’s liberalization not only freed up UK markets but acted as a crowbar to dislodge regulation worldwide. A transatlantic feedback loop drove regulation down on both sides.30 The notorious US deregulation decisions taken by the Clinton administration in the late 1990s, which overturned the last remaining financial restrictions of the New Deal era, were not taken in a vacuum. The 1999 law was not called the Financial Services Modernization Act for nothing. There was a distinct vision of modern finance that the US industry was chasing and it was defined by global competition, above all by
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