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The Status Quo CrisisGlobal Financial Governance After the 2008 Meltdown$
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Eric Helleiner

Print publication date: 2014

Print ISBN-13: 9780199973637

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780199973637.001.0001

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Was a Fourth Pillar of Global Economic Architecture Created?

Was a Fourth Pillar of Global Economic Architecture Created?

(p.129) 5 Was a Fourth Pillar of Global Economic Architecture Created?
The Status Quo Crisis

Eric Helleiner

Oxford University Press

When the Financial Stability Board was created in 2009, it was heralded as a new “fourth pillar” of global economic architecture—alongside the International Monetary Fund, World Bank, and World Trade Organization—that would help enforce the implementation of international financial standards. The FSB has not lived up to this ambitious billing because it was given very little power to perform this role. This weakness was particularly problematic given the extensive political challenges associated with the implementation of post-crisis international regulatory reforms. The FSB’s limitations largely reflect the deep-seated commitment of many states to regulatory sovereignty, a commitment that has only been reinforced by some key regulatory trends since the crisis. These developments signaled that nation-states—rather than the FSB—remained the key pillars of global economic governance in the financial regulatory realm.

Keywords:   capital controls, clearing, Financial Stability Board, Financial Stability Forum, G20, host country, implementation, peer review, standard setting bodies

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