The global financial crisis and banking regulation: another turn of the wheel?

This article traces the cyclical turn of reform of banking regulations since the 1930s. Although the impact of the great depression on regulatory reform after 2007 is well recognised, to leap from the 1930s to 2008 neglects the many regulatory reforms and changes in the structure of global banking and finance that occurred in the twentieth century. Although they have not attracted as much academic or public attention, it is important to note the contribution of these developments to the evolution of regulation and international cooperation. Three innovations stand out on an international level: central bank swaps in the 1960s, international cooperation on cross-border banking in the 1970s, and the erosion of barriers between retail and investment banking in the 1980s.