Abstract
As the recent global crisis (GFC) unfolded, a consensus was forged among a group of developed countries and EMEs, under the aegis of the G20, to tackle the associated issues on a coordinated basis. The main partners in such a coordinated response were envisaged to be: (i) national policy-making bodies, viz. central banks, national and subnational Governments (especially Finance Ministries), and Financial Regulatory & Supervisory Authorities and (ii) international bodies comprising (a) an IMF reformed so as to give EMEs and LDCs a greater say in its policies and greater participation in its governance structure, (b) influential international advisory groups such as the Financial Stability Board (FSB) and G20 and (c) international financial standard-setting bodies such as the Basel Committee on Banking Supervision (BCBS), International Association of Insurance Supervisors (IAIS), International Organization of Securities Commissions (IOSCO). This chapter is devoted to an extended discussion of how successful were the national and international bodies in facing the several challenges involved in a coordinated response to maintaining global financial systemic stability.
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