Book contents
- Frontmatter
- Contents
- List of figures
- List of tables
- Notes on contributors
- Preface
- Acknowledgements
- List of abbreviations
- Introduction: the challenges and prospects of global financial integration
- Part I History and context: input, output and the current architecture (whence it came)
- 1 Financial governance in historical perspective: lessons from the 1920s
- 2 Between the storms: patterns in global financial governance, 2001–2007
- 3 Deliberative international financial governance and apex policy forums: where we are and where we should be headed
- 4 Finance, globalisation and economic development: the role of institutions
- Part II Assessing the current financial architecture (how well does it work?)
- Part III Does the future hold? Reactions to the current regime and prospects for progress (where is it going?)
- Conclusion: whither global financial governance after the crisis?
- References
- Index
3 - Deliberative international financial governance and apex policy forums: where we are and where we should be headed
Published online by Cambridge University Press: 02 December 2010
- Frontmatter
- Contents
- List of figures
- List of tables
- Notes on contributors
- Preface
- Acknowledgements
- List of abbreviations
- Introduction: the challenges and prospects of global financial integration
- Part I History and context: input, output and the current architecture (whence it came)
- 1 Financial governance in historical perspective: lessons from the 1920s
- 2 Between the storms: patterns in global financial governance, 2001–2007
- 3 Deliberative international financial governance and apex policy forums: where we are and where we should be headed
- 4 Finance, globalisation and economic development: the role of institutions
- Part II Assessing the current financial architecture (how well does it work?)
- Part III Does the future hold? Reactions to the current regime and prospects for progress (where is it going?)
- Conclusion: whither global financial governance after the crisis?
- References
- Index
Summary
Over the last thirty years the evolution of the global financial architecture (GFA) has been characterised by twin processes of institutional proliferation and functional specialism (Porter 2003; Baker 2005, 2009). Today, numerous bodies, institutions, committees and groups clutter the stage of global financial governance; most oversee a specific sector of the financial services industry or perform a niche functional task or responsibility. In the midst of this landscape, we have witnessed the emergence of ‘apex policy forums’. Apex policy forums bring together the most senior national figures from national finance ministries and central banks, to engage in processes of recurrent informal deliberation with the intention of formulating international consensus. The defining feature of apex policy forums is their quest to oversee and set strategic priorities, agendas and normative parameters for the entire institutional complex of global financial governance (Germain 2004; Baker 2009). These forums play a crucial role in contemporary global financial governance and include the G7 and, since 1999, the G20 (see Chapter 2 by Helleiner and Pagliari).
This chapter examines two issues. First, it analyses the workings of the input side of the GFA by critically examining the role of apex policy forums, asking how they operate, what they do, how important they are, and how input relates to the policies promulgated on the output side and the broader legitimacy of financial governance.
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- Global Financial Integration Thirty Years OnFrom Reform to Crisis, pp. 58 - 73Publisher: Cambridge University PressPrint publication year: 2010
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