Almost 40 countries had introduced single regulators, merging all types of oversight into a single all-powerful entity. The movement began in Scandinavia in the early 1990’s, but the most dramatic change came in 1997, when the United Kingdom introduced its Financial Services Authority (I was its first chairman).
制度顽固的一个因素是缺少令人信服的替代方案。在通往2007—2008年大崩溃的十年中，全球趋势一直是尽管合并。近40个国家成立了单一监管者制度，把所有类型的监督都合并到一个全能监督实体中。这一趋势开始于20世纪90年代初的斯堪的纳维亚国家，但决定性变化发生在1997年英国成立金融服务局（Financial Services Authority，我是第一任局长）。