These rules are designed to prevent unwelcome developments that might disrupt the smooth functioning of the banking system.
The objective of monitoring compliance by listed companies with their disclosure requirements is to ensure that investors have access to essential and adequate information for making an informed assessment of listed companies and their securities.
Banking acts lay down rules for banks which they have to observe when they are being established and when they are carrying on their business.
At the international level, there is the International Organization of Securities Commissions (IOSCO), the International Association of Insurance Supervisors, the Basel Committee on Banking Supervision, the Joint Forum, and the Financial Stability Board, where national authorities set standards through consensus-based decision-making processes.
Think-tanks such as the World Pensions Council (WPC) have argued that most European governments pushed dogmatically for the adoption of the Basel II recommendations, adopted in 2005, transposed in European Union law through the Capital Requirements Directive (CRD), effective since 2008.
This analysis is similar to Figure 10.1 in Reinhart and Rogoff (2009).
For more details see the help file for "banking Crises" in the Ecdat package available from the Comprehensive R Archive Network (CRAN).
In short, the core financial system ceased to perform its intended functions for the real economy at a reasonable level of effectiveness.
As a result, the impact of the housing-market shock on the rest of the economy was much larger than necessary.
The Eurozone countries are forming a Single Supervisory Mechanism under the European Central Bank as a prelude to Banking union.
There are also associations of financial regulatory authorities.