Politicians, markets drive financial retrenchment

02/6/2009 | Economist (free content), The · Reuters

Political pressure coupled with market forces are causing a massive financial retrenchment. At the annual financial-industry meeting last month in Davos, Switzerland, politicians agreed that the biggest threat to the global economy is protectionism -- but at home, their tune changes. While problems associated with financial mercantilism can be overstated, the situation could very well lead to a less flexible, less efficient cross-border banking system.

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Economist (free content), The · Reuters

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