Regulation and Supervision of the Global Financial System: A Proposal for Institutional Reform
VU University Amsterdam - Faculty of Law
May 5, 2009
Amsterdam Law Forum, Vol. 1, No. 3, 2009
International financial markets are supervised primarily by national authorities. However, national authorities are inherently incapable to regulate and supervise seamless globalised financial markets. To the extent international regulators exist, they constitute a disorderly patchwork of institutions. A proposal is made to create a system of regulators and supervisors under the umbrella of the World Financial Organisation. The WFO would encompass existing institutions and enhances international supervision through mandatory co-operation. The WFO streamlines supervisory activities, prevents overlap and lacunae, creates hierarchy and allocates responsibilities. The WFO would exercise its authority both over states and non-state actors, i.e. financial markets.
Number of Pages in PDF File: 21
Keywords: financial markets, regulation, supervision, central banks, FSB, IMF, BIS
JEL Classification: G20Accepted Paper Series
Date posted: May 8, 2009
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