Regulators, policymakers and other industry insiders agree that a global approach to an overhaul of financial regulation is necessary, but they are struggling to come to a consensus on the details. Europe and the U.S., in particular, are feuding over regulation of hedge funds, derivatives and bankers' compensation. The failure to agree shows how difficult it is to effectively regulate the financial industry on a global basis. Even within the EU, officials are struggling to reach an agreement on a unified approach.

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