THE NEW POLICY CHALLENGES OF FINANCIAL SERVICES GLOBALIZATION

Can nation states cope with numerous public policy challenges–ranging from regional financial crises to the failures of large financial services firms–posed by today's globalized financial and monetary landscape? As Benjamin Cohen has argued “governments must consciously adapt to a dramatic transformation of their status, from monopolists to oligopolists, if they are to adequately represent the interests of all their citizens in monetary affairs.” This article briefly examines the nature of the policy challenges facing states and reviews the findings of symposium contributors who explored the national, regional and international responses of states to the fast moving global financial and monetary developments.