An essential component of the post-crisis regulatory structure was an organization that could coordinate the work of regulators, both across subject areas and countries, and highlight potential problems and gaps in regulation. The G-20 established the Financial Stability Board (“FSB”) to do just this, placing it near the top of what Herring describes as the “new pecking order” among international financial regulators.
By forming the FSB, the G-20 deepened connections between the technocratic world of international financial regulators such as the Basel Committee and the political world of the finance ministers of countries that are members of the G-20. The FSB should now have the tools to effectively coordinate cross-border issues and rules while taking into account the political will of its members. The actions that the FSB is taking today will shape the future of financial institutions across the world.
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