The Club Rules in Global Financial Governance

    Publikation: Bidrag til tidsskriftTidsskriftartikelForskningpeer review

    Resumé

    Though the list of reforms following the onset of the financial crisis is long, we should resist the temptation to view the emerging regulatory framework in terms of a paradigm shift. Many key features of the system, including the privileged position of financial institutions, remain unchanged. This is not merely due to obstruction or capacity shortcomings but can be explained by considering the sources of ideas and the governance setting. Ideas and policy programmes for reform were generated by a policy community also responsible for shaping the pre-crisis governance framework. Moreover, the ideas and preferences of these players are moulded by their transnational interactions and the club-like mechanisms in place for determining what (and who) is to be included in discussions. These settings have produced policy programmes that helped address the immediate, ‘fast-burning’ elements of the crisis, but have so far failed to put together a comprehensive reform programme.
    Though the list of reforms following the onset of the financial crisis is long, we should resist the temptation to view the emerging regulatory framework in terms of a paradigm shift. Many key features of the system, including the privileged position of financial institutions, remain unchanged. This is not merely due to obstruction or capacity shortcomings but can be explained by considering the sources of ideas and the governance setting. Ideas and policy programmes for reform were generated by a policy community also responsible for shaping the pre-crisis governance framework. Moreover, the ideas and preferences of these players are moulded by their transnational interactions and the club-like mechanisms in place for determining what (and who) is to be included in discussions. These settings have produced policy programmes that helped address the immediate, ‘fast-burning’ elements of the crisis, but have so far failed to put together a comprehensive reform programme.
    SprogEngelsk
    TidsskriftPolitical Quarterly
    Vol/bind85
    Udgave nummer4
    Sider417-419
    ISSN0032-3179
    DOI
    StatusUdgivet - 2014

    Emneord

    • Clubs
    • Crisis
    • Financial reform
    • Policy communities

    Citer dette

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    abstract = "Though the list of reforms following the onset of the financial crisis is long, we should resist the temptation to view the emerging regulatory framework in terms of a paradigm shift. Many key features of the system, including the privileged position of financial institutions, remain unchanged. This is not merely due to obstruction or capacity shortcomings but can be explained by considering the sources of ideas and the governance setting. Ideas and policy programmes for reform were generated by a policy community also responsible for shaping the pre-crisis governance framework. Moreover, the ideas and preferences of these players are moulded by their transnational interactions and the club-like mechanisms in place for determining what (and who) is to be included in discussions. These settings have produced policy programmes that helped address the immediate, ‘fast-burning’ elements of the crisis, but have so far failed to put together a comprehensive reform programme.",
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    The Club Rules in Global Financial Governance. / Tsingou, Eleni.

    I: Political Quarterly, Bind 85, Nr. 4, 2014, s. 417-419.

    Publikation: Bidrag til tidsskriftTidsskriftartikelForskningpeer review

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