Old Wine in New Bottles? Contemporary Forms of Financial Governance

Abstract

This panel seeks to investigate the relationship between the *level* of policymaking and the *content* of economic policy that has emerged since the 2007-2009 financial crisis. More specifically, to what extent have new policy initiatives been promulgated at different levels than previously (global, regional, national), and how has this influenced the particular policy outputs? Can we observe significant new coalitions among various (private) economic actors and (state) regulators at each level, or do such coalitions remain substantially unchanged? And in which ways do such new coalitions bear the imprint of the changed economic environment the actors united in them confront? In banking regulation, for example, there has been a concerted push from the G20 for a tight and globally binding agreement on capital adequacy and leverage (Basel 3) to replace its looser and patchily implemented predecessor (Basel 2). Simultaneously, the international banking sector has undergone a significant re-arrangement of ownership, extending in some cases to outright state control. Meanwhile, the accounting sector has seen no substantial re-organisation of ownership but there has nevertheless also been increased pressure to bridge the divide between divergent global (i.e. US and European) standards and toughen disclosure. However, in both cases the actual policy output has not matched the promises: The FASB has issued standards in contradiction to those of the IASB and the initial Basel 3 proposals have already been watered-down significantly. In its attempt to make sense of such developments and the forces underlying them, this panel is not restricted to banking regulation and accounting standards, but invites contributions covering the whole breadth of financial regulation and governance, including arrangements for financial supervision and monetary policy.

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