Chapter

Governing the Global Regulatory System<sup>1</sup>

Dr. Marion Williams

in Time for a Visible Hand

Published in print January 2010 | ISBN: 9780199578801
Published online February 2010 | e-ISBN: 9780191723285 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199578801.003.0011

Series: Initiative for Policy Dialogue

Governing the Global Regulatory System1

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Williams attempts to analyze the national and international financial governance system, their strengths and weaknesses. A number of issues are explored and a number of recommendations made. The author does not call for a total revamp of the financial governance structure, but rather for a number of improvements, among them some dealing with the issue of legitimacy. Williams emphasizes that serious institutional gaps have emerged, with no international financial institution having a clear mandate to require remedial regulatory measures when risks arise, especially from large countries like the United States. She argues for creating a multi‐purpose regulatory oversight body. This could be based on the Financial Stability Forum (FSF), but it would require global representation and clear authority.

Keywords: regulatory system; challenges for regulators; global regulation

Chapter.  6901 words. 

Subjects: Macroeconomics and Monetary Economics

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