The influence of financial regulators by elements of the financial industry is amomg the factors explaining why regulators and policymakers did not take obvious action to curb excessive industry practices that contributed to the crisis, and as a reason for delayed implementation and substantial dilution of rules designed to reform the financial system in the post-crisis phase.
In addition, civil society continues to play a fairly marginal role in the politics of reforming the financial sector, thereby largely surrendering the advocacy held to industry lobbies and established think tanks. Furthermore, the financial industry lobby commands tremendous resources and enjoys privileged access to decision makers, exhacerbating the unbalance in the representation of interests in finance and the chances for civil society to be heard.
The influence of financial regulators by elements of the financial industry is amomg the factors explaining why regulators and policymakers did not take obvious action to curb excessive industry practices that contributed to the crisis, and as a reason for delayed implementation and substantial dilution of rules designed to reform the financial system in the post-crisis phase.
In addition, civil society continues to play a fairly marginal role in the politics of reforming the financial sector, thereby largely surrendering the advocacy held to industry lobbies and established think tanks. Furthermore, the financial industry lobby commands tremendous resources and enjoys privileged access to decision makers, exhacerbating the unbalance in the representation of interests in finance and the chances for civil society to be heard.
