All human experience tells us that systems fail eventually. Therefore, logically, any world-wide system of law/finance/currency will result in world-wide failure.
Why, like moths to a flame, do they think this time will be different??
They are on the inside looking out. They believe they have a solution but their view of the world is skewed by their position. The only things that last are those that evolve. Absorbing what is good and adopting what works. It is a grassroots thing. The best thing politicians could do now is to just get out of the way.
The world wide financial regulation is already here and has been for some time. The Group of Twenty Finance Ministers and Central Bank Governors (to give it it's full title*) have pushed things along in one direction for a decade and before that there were other groups with other plans. It's safety in numbers I expect. Perhaps naively believing that if we are all economically on the same track the urge to compete and better our neighbours would be abated. The pecking order would be maintained but not exaggerated.(Which is probably why free trade to bring prosperity to Africa is never on the agenda, only conscience soothing charity is. For Africa to gain others must lose and the West has the most to lose.)
Unfortunately human nature is a powerful thing. Canada isn't having a banking crisis, they've been conservative with their banking supervision. The US is having a big banking crisis because it was less conservative though it did clamp down on some
dodgy banking practices. The UK is having a massive banking crisis because those in power wanted London to be a shining beacon of the finance world, to best the US and European financial districts. So long as the results looked good questions weren't asked.
Only through different economies taking different paths can we discern what works and what doesn't. They don't even need to share a destination but the people in charge cooked up their grand plan and it either hasn't worked or they deceived themselves that it had.
* So why are the Presidents and Prime Ministers meeting as well?
It is a design fault in the human race,we have to believe in something.
If more of us believed in ourselves maybe we wouldn't be in this mess.