The recent financial crisis proved that pre-existing arrangements for the governance of global markets were flawed. With reform underway in the USA, the EU and elsewhere, Emilios Avgouleas explores some of the questions associated with building an effective governance system and analyses the evolution of existing structures. By critiquing the soft law structures dominating international financial regulation and examining the roles of financial innovation and the neo-liberal policies in the expansion of global financial markets, he offers a new epistemological reading of the causes of the global financial crisis. Requisite reforms leave serious gaps in cross-border supervision, in the resolution of global financial institutions and in the monitoring of risk originating in the shadow banking sector. To close these gaps and safeguard the stability of the international financial system, an evolutionary governance system is proposed that will also enhance the welfare role of global financial markets.
Governance of Global Financial Markets
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'Certainly far too much of the thinking underpinning the regulatory reforms since the crisis has been an extension of the thinking that delivered us the crisis - people are still thinking within the same box. Professor Avgouleas has stepped out of this box, and dared to think larger thoughts, and propose more fundamental reforms, that actually seek to address the seminal change from a system of national financial systems to one truly globalized financial system … With a fuse burning in the Eurozone that could ignite a far larger crisis than the GFC, nothing could be more urgent than the G20 resolving to make at least some of the ideas in this book a reality.' Ross Buckley, University of New South Wales
'This is a book of great scholarship. The wealth of learning is astonishing … Anyone pondering the way forward for global financial governance will need to engage with the considerations Professor Avgouleas advances, based as they are on the mature reflections of a leading authority.' Sir Ross Cranston
'This is a book of great scholarship. The wealth of learning is astonishing … Anyone pondering the way forward for global financial governance will need to engage with the considerations Professor Avgouleas advances, based as they are on the mature reflections of a leading authority.' Sir Ross Cranston
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This multidisciplinary analysis of governance structures for international finance critiques the national approach to the regulation of global financial markets, provides a new reading of the causes of the global financial crisis, and proposes a new governance system to stabilise the international financial system and promote open global markets.
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