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International Regulatory Co-operation: Case Studies, Vol. 2

Canada-US Co-operation, EU Energy Regulation, Risk Assessment and Banking Supervision

image of International Regulatory Co-operation: Case Studies, Vol. 2

The world is becoming increasingly global. This raises important challenges for regulatory processes which still largely emanate from domestic jurisdictions. In order to eliminate unnecessary regulatory divergences and to address the global challenges pertaining to systemic risks, the environment, and human health and safety, governments increasingly seek to better articulate regulations across borders and to ensure greater enforcement of rules. But, surprisingly, the gains that can be achieved through greater co-ordination of rules and their application across jurisdictions remain largely under-analysed.

 

This volume complements the stocktaking report on International Regulatory Co-operation: Rules for a Global World by providing evidence on regulatory co-operation in the framework of the Canada-U.S. Regulatory Cooperation Council, as part of EU energy regulation, under the Global Risk Assessment Dialogue, and in the area of prudential regulation of banks. The four case studies provided in this volume follow the same outline to allow for comparison.

English

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The Global Risk Assessment Dialogue

Differences in the degree of social or cultural acceptance of events or states of the world, political sensitivities, economic and distributive consequences have important impacts on the way evaluations of risk are carried out and on risks management. Whilst there is a recognition that enhancing co-ordination on the scientific dimension of risk assessments should not necessarily lead to a common political response on how to manage risks, there is also a strong concern that divergences on risk assessment methodologies and in the terminology used to express assessments of risk and uncertainty are hindering sound risk governance. To address some of these issues, individuals within the European Commission and the governments of the United States and Canada initiated a Transatlantic Risk Dialogue early 2008, and later broadened it to create a “Global Risk Assessment Dialogue”. This case study illustrates how collaboration has been developing through dialogue and collaborative work between members of the scientific community within government agencies and in research institutions.

English

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