Prudential governmental oversight of financial institutions and the development and implementation of standards for financial activity have low visibility in public discussion. Yet how the issues in these areas are, or are not, resolved has major implications for the health of national and the global financial systems. Turbulent Waters summarizes the international aspects of issues about prudential oversight and financial standards and emphasizes that some incremental progress is being made in these areas. This essay provides more technical background, reviews the progress so far made, and discusses unresolved issues about cooperative governance for prudential financial oversight and the institutions that must carry out that governance.
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