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Akseli, Orkun; Gray, Joanna; Campbell, Andrew --- "Introduction" [2011] ELECD 609; in Gray, Joanna; Akseli, Orkun (eds), "Financial Regulation in Crisis?" (Edward Elgar Publishing, 2011)

Book Title: Financial Regulation in Crisis?

Editor(s): Gray, Joanna; Akseli, Orkun

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781848445543

Section Title: Introduction

Author(s): Akseli, Orkun; Gray, Joanna; Campbell, Andrew

Number of pages: 8

Extract:

Introduction
Orkun Akseli, Joanna Gray and Andrew
Campbell

The genesis of this collection of essays lay in discussions within
Newcastle Law School and more widely within Newcastle University
as we witnessed the dramatic events of September 2007 with the run
on the Newcastle-based Northern Rock bank. Those discussions
broadened in scope as to areas of the law and regulation that they
invoked as the twists and turns of the attempted rescue, nation-
alisation, emergency changes to legal and regulatory provisions to
deal with the now-spreading banking crisis ran their course. As the
immediate panic of Northern Rock subsided, fresh flurries of panic
and instability loomed elsewhere in the financial world from Iceland
to the US to the new and emerging financial centres of the Middle
and Far East, where theories of decoupling began to look distinctly
shaky. Gradually, more considered post mortems took place and
longer-term law reform began to be discussed and implemented. But
the fact that the ripples or early warning tremors of what we now
know to have been a truly global financial crisis of an unprecedented
scale were first felt here in the North East of England, a proud and
distinctive region but nonetheless hardly a financial powerhouse, as
one of the region's significant employers and oldest and most impor-
tant large, private sector companies met its nemesis, we thought
was worthy of marking by contributing reflections from our dif-
ferent legal backgrounds and scholarly interests. We used the run
on Northern ...