The United Nations set a common standard on human rights with the adoption of the Universal Declaration of Human Rights in 1948.
"I think it's ultimately the responsibility of an international regime to set a common metric, to set common standards, perhaps even translate those into guidelines," he said, adding that that work could lead to establishing common guidelines.
Thomas R. Kuhn, president of the Edison Electric Institute, a trade group for utilities, said the rule set a common-sense standard that would "lift a major cloud of uncertainty, boosting our efforts to provide affordable, reliable electric service and cleaner air".
In the Universal Declaration of Human Rights, representatives from many cultures endorsed the rights therein set forth "as a common standard of achievement for all peoples and all nations".
If anything the rules must be tightened, including setting a common risk standard, and the phase-in period is too long.
The Geneva-based International Organisation for Standardization (ISO) was established in 1947 to set common standards across the world.
It is expected to set common standards for 40% of the world's economy, become a new flashpoint for the 2016 presidential campaign, and could become a legacy-defining agreement for the Obama administration.
And it was indeed reckless, as the subsequent collapse of the Japanese stockmarket showed.Under the auspices of the Bank for International Settlements (BIS), a central bankers' central bank in Basel, in Switzerland, the big economies agreed to set common standards for what counted as capital and how much a bank should hold in order to qualify as safe.
Betfair is among a number of companies that are lobbying the European Commission to set common standards for online gambling across the Union.
Solvency 2, which is loosely modelled on the Basel 2 rules for bank capital, aims to set common standards for European insurers that will come into force in 2012.
