Global Financial Reform: Successes, Failures, Key Issues, and the Public Interest
Roundtable with Rupert Thorne, Deputy Secretary General, Financial Stability Board (FSB)
April 9, 2014
4:00 – 5:30 PM
@ New Rules for Global Finance
2000 M Street NW, Suite 720
Washington DC, 20036
Background:
There is no dispute that the 2008 financial crisis – and the “great recession” that has followed – imposed enormous costs on the global economy and irreparable damage to the livelihoods of those who could afford it least. This crisis is not the first, nor will it be the last. The causes of financial crises are various and intensely debated, as are the proposals to prevent future catastrophes. However, given the global, interconnected nature of finance, successful crisis mitigation requires global coordination.In 2009, the G20 endeavored to do this by establishing the Financial Stability Board (FSB) and mandating it to coordinate global regulation and oversight of finance. In the last 5 years, the FSB has had some success in developing reforms and regulations. However, implementation of FSB recommendations by national authorities has been weak and coordination among key jurisdictions has been even weaker.
Key Issues:
This Roundtable will cover a number of issues, including: Too-Big-To-Fail, Market Manipulation, Derivative Regulation, Cross-Border Banking Resolution, Credit Rating Agencies, Substituted Compliance, Data Transparency and Aggregation, Implementation and Coordination of Financial Reforms.
How is Public Interest Accounted For?
Too often it is assumed that public interest groups do not possess the acumen nor the experience to contribute to the development of financial reforms and rules. This supposition increases regulator’s reliance on input from the financial industry and cements an inherent conflict of interest. Input from the financial industry is appropriate, but given the high public costs when finance is insufficiently regulated, input from public interest groups is also appropriate – and necessary. A higher degree of public engagement in this debate may also contribute to higher levels of implementation at the domestic level.
Furthermore, there needs to be greater transparency and accountability in global finance – and its oversight. Public interest groups have increasingly demonstrated that they have the capacity, innovation and impetus to achieve this.
Join us for a roundtable with FSB Deputy Secretary General, Rupert Thorne, to discuss the critical issues in global financial reform, the activities and priorities of the FSB, and how civil society can contribute to establishing a financial system that is more stable, efficient and responsible.
Nathan Coplin, Deputy Director
New Rules for Global Finance
2000 M Street NW, Suite 720
Washington, DC 20036
Tel.(810) 348 3165
Fax. (202) 280-1141
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Website: www.new-rules.org
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