Consultation and Legitimacy in Transnational Standard-Setting

34 Pages Posted: 15 Jul 2011  

Caroline M. Bradley

University of Miami - School of Law

Date Written: April 22, 2011

Abstract

The recent financial crisis has generated agreement on the need for new transnational standards for financial regulation. When governments work together to develop transnational standards and rules they do so using processes which are not uniform, which often seem to develop in an ad hoc manner, and which do not necessarily reflect any particular conception of good government. Transnational standard setters have responded to critiques of the legitimacy of their role by emphasizing consultation of stakeholders. The article compares the uses of consultation in the development of policy at the national and supranational levels. It examines weaknesses in the construction of transnational consultations: transnational consultations lack visibility and they are usually carried out in a limited number of languages, or even only in English. These defects undermine the value of transnational consultations as mechanisms of legitimation.

JEL Classification: G15, K20, K33

Suggested Citation

Bradley, Caroline M., Consultation and Legitimacy in Transnational Standard-Setting (April 22, 2011). Minnesota Journal of International Law, Vol. 20, No. 2, 2011; University of Miami Legal Studies Research Paper No. 2011-23. Available at SSRN: https://ssrn.com/abstract=1885045

Caroline M. Bradley (Contact Author)

University of Miami - School of Law ( email )

P.O. Box 248087
Coral Gables, FL 33146
United States
305-284-2082 (Phone)
305-284-6506 (Fax)

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