Reform of the Global Financial Architecture

55 Pages Posted: 15 Oct 2010 Last revised: 28 Jan 2011

See all articles by Garry J. Schinasi

Garry J. Schinasi

Independent Advisor, Global Financial Stability

Edwin M. Truman

Institute for International Economics (IIE)

Date Written: September 14, 2010


This paper examines the implications of the global financial crisis of 2007-10 for reform of the global financial architecture, in particular the International Monetary Fund and the Financial Stability Board and their interaction. These two institutions are not fully comparable, but they must work more closely in the future to help prevent global financial crises. To this end, the paper identifies institutional and substantive reforms separately and in their joint work that would be desirable and appropriate.

Keywords: International Monetary Fund, Financial Stability Board, Bank for International Settlements, Group of Twenty, Banking Supervision and Regulation, Financial Crises, Financial Stability, Financial Reform

JEL Classification: F30, F33, F36, F53, G28

Suggested Citation

Schinasi, Garry J. and Truman, Edwin M., Reform of the Global Financial Architecture (September 14, 2010). Peterson Institute for International Economics Working Paper No. 10-14. Available at SSRN: or

Garry J. Schinasi

Independent Advisor, Global Financial Stability ( email )

Washington, 20008
+1-202-361-0958 (Phone)

Edwin M. Truman (Contact Author)

Institute for International Economics (IIE) ( email )

1750 Massachusetts Avenue, NW
Washington, DC 20036
United States

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