ZBB 2011, 337
Rebuilding International Financial Regulation and Basel III
This article considers the effectiveness of Basel II and Basel III as international standards of banking regulation and examines how international financial regulation should be rebuilt post the financial crisis. The article argues that international efforts at macro-prudential regulation have so far been inadequate and reflect in part inadequate institutional linkages between the newly-established Financial Stability Board and the International Monetary Fund and the regulatory uncertainty involved in using international soft law to build an effective international financial regulatory regime that controls systemic risk.
Contents
- I. Key Points
- II. The failings of the international standard setting bodies to control risk pre-crisis
- III. Financial risk-taking is a concern of public law
- IV. The pressures on States to comply with international financial soft law
- V. Basel Committee and International Financial Regulation
- VI. Reforming the International Financial Architecture
- VII. Conclusion
- *
- *)Dr. iur., Professorial Chair in Law and Finance, the University of Zurich Law Faculty, Member of the European Parliamentʼs Expert Panel on Financial Services, and Specialist Adviser to the British Parliamentʼs Select Committee on the Draft Financial Services Bill.
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