Reforming the Global Architecture of Financial Regulation: The G20, the IMF and the FSB
There is a complicated process aiming to reform the global architecture of financial regulation consisting of three entities: One self-selected, the
G20; one treaty-based and systemic, the
International Monetary Fund; and one a creation of the G20, the
Financial Stability Board (FSB). This paper by the
Centre for International Governance Innovation looks at how these actors cooperate to implement the reforms needed to ensure that the global financial system is better able to withstand shocks than it was in 2007-2008. The analysis suggests a number of actions that the
IMF and
FSB should take to strengthen their cooperation and effectiveness, and highlights some of the problems due to the fact that no agency has responsibility for the regulatory oversight of the international financial system.
http://www.cigionline.org/sites/default/files/no42.pdf
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