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Global Governance and Regulatory Failure
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Did global governance through transgovernmental networks lead to regulatory failure that caused the Great Recession? And, if yes, should we enhance global cooperation to prevent future crises or focus on the national level? In 2005, bank supervisors from industrialised nations – within the transgovernmental network of the Basel Committee on Banking Supervision – agreed to harmonise their regulatory standards with the purpose of controlling excessive risk-taking of globally active banks and pre-empting global financial turmoil. In 2009 these standards were considered a cause of the Great Recession as they had facilitated the spread of imprudent practices globally, rather than enhancing regulation. Their origin, the transgovernmental network of the Basel Committee, is frequently considered problematic with a view to regulatory failure. Nevertheless, in 2010, the BCBS presented its new framework, Basel III, as the centrepiece of global regulatory reform, which the G20 happily endorsed. Can we expect that these standards, this time, increase rather than undermine financial stability even though they originate in the same governance networks and through the same policy processes
Roman Goldbach - Personal Name
1st Edtion
978–1–137–50002–1
NONE
Global Governance and Regulatory Failure
Social Science
English
Palgrave Macmillan
2015
USA
1-289
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