The Global Financial Crisis and the Financial Stability Forum: The Awakening and Transformation of an International Body
19 Pages Posted: 28 Jan 2010
Date Written: January 26, 2010
This Article chronicles the awakening of the Financial Stability Forum (FSF) and its transformation into the Financial Stability Board (FSB). It describes the origins of the FSF and its relatively obscure work prior to the current crisis. It then chronicles the FSF’s significant rise in visibility throughout the crisis via its reports analyzing the crisis and setting forth recommendations relating to reforms of law and regulation of the financial markets. The FSF’s transformation into the FSB has given the FSF a more robust institutional grounding capable of coordinating its work with the IMF. The Article concludes that while the global financial crisis brought the FSF out of obscurity and resulted in its transformation into the FSB, it is still too early to tell whether the FSB will have a significant impact on global governance of international finance, especially with respect to the needs and interests of emerging economies.
Keywords: international finance, international financial institutions, global financial crisis, financial stability board, emerging economies
JEL Classification: F3, F33, G2
Suggested Citation: Suggested Citation