Sunday, November 16, 2014

The Legitimacy of the G20 as a Global Financial Regulator

Abstract (summary)

Global governance is more and more needed. The recent financial crisis has demonstrated that the interlinkages between financial institutions and markets within and across borders are even more distinct than previously assumed and that disturbances in the financial sector of one country have the potential to culminate in global financial turmoil threatening international financial stability. In fall of 2008, politicians reacted to the financial crisis and to the lack of global governance by incorporating the G20 body. This body does not correspond to the traditional understanding of an international institution. The G20's composition, scope of activities and competences are rather unclear. Not surprisingly, therefore, doctrine questions the legitimacy of the G20 and raises concerns about its composition. So far, the most critical analyses stem mainly from economists. Therefore, since there has been less discussion of the legitimacy of the G20 in the context of legal doctrine, the present paper attempts to shed light on the rule-oriented aspects of the G20's composition and task fulfillment.

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Copyright Carswell Publishing Aug 2013