Legitimacy of the G-20 as Global Financial Regulator

13 Pages Posted: 20 Jun 2012

See all articles by Rolf H. Weber

Rolf H. Weber

University of Zurich - Faculty of Law

Date Written: June 20, 2012

Abstract

The G-20 has been established more than 10 years ago as a reaction to the Asian financial crisis without - at first - gaining much weight on the international scene, however, the financial crisis of 2007/08 has caused a re-vitalization on a higher level, namely as body of the "G-20 Leaders". The legitimacy and democratic foundation of the G-20 is quite vague if the traditional notion of enabling "real consensus" between the many governed is applied: The G-20 processes are lacking bargaining power in favor of the potential participants concerned by financial regulations. Notwithstanding this fact, it cannot be overlooked that the involvement of the G-20 in regulatory topics is substantial, particularly related to the reform of international organizations, the implementation of macroeconomic regulation and the regulatory cooperation. This factual situation must be brought in line with new concepts of international law, for example informal law-making and the development of legitimacy elements in informal situations.

Keywords: Concept of legitimacy, influence on financial regulation, informal law-making, process-orientation of rule-making, regulatory topics

JEL Classification: F02, F10, F20, F30, F40

Suggested Citation

Weber, Rolf H., Legitimacy of the G-20 as Global Financial Regulator (June 20, 2012). Society of International Economic Law (SIEL), 3rd Biennial Global Conference, Working Paper No. 2012/13, Available at SSRN: https://ssrn.com/abstract=2088315 or http://dx.doi.org/10.2139/ssrn.2088315

Rolf H. Weber (Contact Author)

University of Zurich - Faculty of Law ( email )

Rämistrasse 71
Zürich, CH-8006
Switzerland

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