US needs allies for financial market reform

The US Senate passed a financial regulatory reform bill on Thursday meant to increase regulation and transparency in the country's financial sector. The daily Delo writes that the measures only make sense if the international community takes similar steps: "The new law could prove completely ineffective in the coming years, because until now those responsible for regulation haven't been overly keen to subject their friends on Wall Street to thorough inspections. ... But even the best measures won't go very far if they're not mirrored internationally. Companies that run into difficulties in one country simply transfer their business activities elsewhere. For that reason the step taken by the US must be a part of an international effort to control the financial escapades of companies who assume no responsibility for their actions."

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