The Upcoming Millennial's Recession: Legal and Regulatory Imperatives for a New Global Financial Architecture and Authority

This paper examines previous financial crises and recessions while introducing the imminent millennial's financial crisis and recession. Using the United States of America and the United Kingdom as leading western states examples and Nigeria as an example of an emerging state, this paper examines the successes of financial systems and regulations that have been used to combat previous recessions. The successes of international financial regulations in ensuring financial stability are also examined. This paper acknowledges that although, financial regulations have developed over time in response to global needs, there are financial regulation imperatives needed to combat the upcoming millennial's recession and ensure global financial stability. It is argued that more inclusion in international financial regulation and enforceable laws in favour of private citizens in the face of financialisation is needed globally. In addition, the creation of stringent laws, regulatory agents' refurbishment and augmentation of deposit insurance which has grown since the time of the Great Depression in the area of financial regulation is urgently needed in order to combat the upcoming millennial's recession. This paper refrains from giving ethical recommendations because the current laws on financial regulations is built on soft laws guided mainly by the principles of ethics.