FROM Markus Brunnermeier
Europe Pushes to Rework the Global Financial System In this weekend's meeting with the Presidents of France and the European Commission , President Bush agreed to a series of summit meetings that could change the way capitalism is practiced internationally. The countries of Europe are pushing hard for more regulation of the global economy. Heads of state will begin meeting right after the US election. The goal is curbing the reckless excesses that led to the current crisis, which could mean restraints on tax havens, hedge funds and executive compensation. The Bush White House and American business interests are warning against over-reaction, asserting that risk-taking is the keystone to prosperity. Do the Europeans want an international super-regulator? Since the crisis began here, will the US have to make some concessions? What's at stake for individual Americans and the credit-card economy?