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19 October 2010

Bruegel paper on the reform of the global financial architecture


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Der Beitrag untersucht die Auswirkungen der globalen Finanzkrise zwischen 2007 und 2010 auf die Reform der globalen Finanzarchitektur. Er identifiziert institutionelle und materielle Reformen von Organisationen wie etwa dem IWF und dem Financial Stability Board.


The publication was prepared for a conference sponsored by Bruegel and the Peterson Institute for International Economics (8 October 2010), as part of a project sponsored by the European Commission.
The paper is organised as follows: The next section examines the pre-crisis framework for safeguarding global financial stability and identifies six key areas where financial system reforms are necessary. The following section focuses on the IMF and the FSB (the successor to the Financial Stability Forum [FSF]) and their recent and prospective reforms.
The penultimate section discusses the interaction of the issues identified in the second section with the institutions discussed in the second-to-last section. The last section provides key conclusions and recommendations.
In summary, the paper concludes that the IMF and FSB are distinct and not fully comparable institutions, but they must cooperate more closely than in the past on the reform and performance of the global financial system. No other global financial architecture is up to the task and is politically feasible at this time. To that end, the paper outlines the key tasks that the IMF and FSB should address.
 


© Bruegel

Documents associated with this article
wp_2010_10_reform.pdf[1].pdf

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