The problem of international action
One thing that scares me about the Greece situation -- and about financial reform more generally -- is that corporations and markets and banks and panics are much, much more international than governance is. As slow as it is for legislatures to make decisions on things, it's even worse when you get representatives of multiple legislators trying to coordinate a decision on something. That's not to say it never happens, but the framework is just much weaker and more rigid and prone to failure and the relevant players have much less experience navigating it. To put it another way, Barack Obama and the people in his political shop have a fair amount of practice at dealing with Congress. The same can't be said for hammering our enforceable agreements with a collection of finance ministers from other countries.
So you get something like Greece where the bailout has to come from people who don't think they care whether Greece fails, or you get something like a global bank tax where Canada refuses to go along because its banks don't deserve to be punished with a tax. As domestic regulations and solutions become more vulnerable to international arbitrage and global problems, the needs for smooth international actions will become greater, but it's not clear to me such things are actually becoming easier.
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