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A Contemporary Concept of Monetary Sovereignty$
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Claus D. Zimmermann

Print publication date: 2013

Print ISBN-13: 9780199680740

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199680740.001.0001

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The Reorganization of the International Financial Architecture in the Wake of the Global Financial Crisis

The Reorganization of the International Financial Architecture in the Wake of the Global Financial Crisis

Chapter:
(p.190) (p.191) 5 The Reorganization of the International Financial Architecture in the Wake of the Global Financial Crisis
Source:
A Contemporary Concept of Monetary Sovereignty
Author(s):

Claus D. Zimmerman

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199680740.003.0006

Like earlier crises, the Global Financial Crisis has triggered a restructuring of the international financial architecture. The G-20 was revived to provide a forum for the leaders of the world’s largest economies to agree on reforms intended to promote global economic and financial stability. The Financial Stability Forum was re-established with increased responsibilities and an extended membership as the Financial Stability Board. The IMF increased its efforts to assess the financial sectors of its members and of their compliance with financial standards and codes. Finally, in order to increase the IMF’s legitimacy and effectiveness, the IMF’s membership has undertaken the largest-ever overhaul of the IMF’s governance structure. This chapter takes a succinct look at the key aspects of these reform avenues and assesses whether the experience of the Global Financial Crisis has prompted states to substantially change the way they exercise their sovereign powers in monetary and financial matters.

Keywords:   International financial architecture, Global Financial Crisis, G-20, Financial Stability Board, IMF, financial sector assessment, standards and codes, IMF governance, financial stability

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