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Rethinking Global Economic Governance in Light of the Crisiscooperate in international supervision and resolution, as reflected in the currentharmonisation model, to whether national authorities will cooperate. This will requireadopting a much more incentives-based approach, integrating regulation, supervisionand resolution policies and enshrining them in a new Concordat. With this, the globalfinancial system can become more predictable and safer, resolution in a crisis moreefficient and, through enhanced market discipline, crises less likely.ReferencesClaessens, S., R.J. Herring and D. Schoenmaker (2010), ‘A Safer World FinancialSystem: Improving the Resolution of Systemic Institutions’, Geneva Reports on theWorld Economy 12, CEPR/ICMB.Claessens, S., Michael Keen and Ceyla Pazarbasioglu (2010), Financial Sector Taxation:The IMF’s Report to the G-20 (A Fair and Substantial Contribution) and BackgroundMaterial G-20 Report (Eds. joint with Michael Keen and Ceyla Pazarbasioglu), IMF,Washington, DC, September.Financial Stability Board (2011), Policy Measures to Address Systemically ImportantFinancial Institutions, November 4.Freixas, X. (2003), “Crisis Management in Europe,” in J. Kremers, D. Schoenmakerand P. Wierts (eds), Financial Supervision in Europe, Cheltenham: Edward Elgar, 102-19.Herring, R.J. and J. Carmassi (2010), “The Corporate Structure of InternationalFinancial Conglomerates: Complexity and Its Implications for Safety and Soundness,”in The Oxford Handbook of Banking, edited by A. Berger, P. Molyneux and J. Wilson.Journal of Economic Perspectives, Symposium Volumes (2010), Winter and Fall;(2009), Winter.82