International Standards and the Role of Central Banks in Global Financial Governance

Think20 Italy 2021, Task Force 9 – International Finance, Policy Brief

12 Pages Posted: 29 Oct 2021

See all articles by Daniel Bradlow

Daniel Bradlow

University of Pretoria; American University - Washington College of Law

Stephen Park

University of Connecticut - School of Business; University of Connecticut - School of Law

Date Written: September 14, 2021

Abstract

The formal arrangements for the governance of international monetary and financial crises have remained reasonably stable over the past 40 years, but the identity of the leading actors, has changed. Over this period, the role of the largest central banks – first and foremost, the US Federal Reserve (Fed), currently the most important central bank due to the international role of the US dollar, the European Central Bank (ECB), the Bank of England (BoE), the People’s Bank of China, and the Bank of Japan – has increased substantially. Unlike the situation with other global governance actors, there are no obviously applicable international standards to guide central bank conduct.

This policy brief discusses the implications of this development and recommends standards that should be used to guide central banks in their global governance activities.

Suggested Citation

Bradlow, Daniel David and Park, Stephen, International Standards and the Role of Central Banks in Global Financial Governance (September 14, 2021). Think20 Italy 2021, Task Force 9 – International Finance, Policy Brief, Available at SSRN: https://ssrn.com/abstract=3924474

Daniel David Bradlow

University of Pretoria ( email )

Physical Address Economic and Management Sciences
Pretoria, Gauteng 0002
South Africa

American University - Washington College of Law ( email )

International Legal Studies Program
4801 Massachusetts Avenue N.W.
Washington, DC 20016
United States
202-274-4205 (Phone)
202-274-4116 (Fax)

HOME PAGE: http://www.wcl.american.edu/faculty/bradlow/index.

Stephen Park (Contact Author)

University of Connecticut - School of Business ( email )

Storrs, CT 06269
United States

University of Connecticut - School of Law ( email )

65 Elizabeth Street
Hartford, CT 06105
United States

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