Walter Mattli and I offer our vision for the future of global financial regulation on Martin Wolf’s Financial Times blog The Economists’ Forum today.
In it, we argue that nothing less than a new global architecture for the regulation of banking and finance is required. Such architecture comprises three elements: broad representation in the rule-making process, proper monitoring, and systematic enforcement.
Ngaire Woods addresses the urgent but difficult task of reforming the world’s international financial institutions in a report for the Progressive Governance Conference hosted by Gordon Browne in April 2008.
In the report, she writes that global cooperation among governments is urgently needed to manage the current financial crisis. In principle, the IMF and World Bank are ideally placed to play a key role. But in practice, neither institution is adequately equipped to ensure cooperation to deal with the current crisis. Put simply, neither institution has a governance structure which today commands the confidence of emerging economic powers whose cooperation is vital if global collective action is to resolve the financial crisis.
