‘Standards global, regulation national’: FM

Gautam Chikermane
On Board Prime Minister's Special Aircraft, November 14, 2008
New global regulatory standards, prudential norms, greater surveillance mechanism and reform of the IMF are among the key points that the Indian contingent will raise on November 15 at the Summit on Financial Markets and the World Economy in Washington DC, Finance Minister P Chidambaram told reporters.
Most important among these, in terms of having a widespread impact, will be the setting up of common regulatory and accounting standards across the globe or at least for G20 nations. “We must have convergence of accounting standards,” Chidambaram said.
But he dismissed the idea of a common global regulator saying, “I don't think regulation can be raised to a global regulator. That's too ambitious, and perhaps not possible in today's circumstances. Regulation must be national.”
Story in Hindustan Times, November 14, 2008