Before the financial crisis, financial regulatory
harmonization was often achieved in club settings, with
the U.S. and the U.K. dominating the decision-making.
This made concluding agreements easier, because there
were a handful of major powers with similar policy goals.
Domestic politics also favored deregulation in the heady
years before the financial crisis. The picture now is different,
with more actors seeking to influence negotiations and
higher expectations (particularly domestically) about
what regulation can accomplish.