Globale Finanzstabilität – Wer setzt die Standards?

Standards are norms that are used to calibrate actions and behaviour. They are adopted and adhered to because they promote the common good and are in the interest of all concerned. In a world of sovereign states, they are a promising means to create a coherent framework for international financial activity. The process of international standard setting in the financial arena has always been shaped by necessity and crisis. The process gained momentum following the financial crises of the late 1990s, when the Financial Stability Forum (FSF) was established. By bringing together the finance ministries, central banks and supervisory ­authorities of the world’s major financial centres, it laid the ground for the creation, implementation and monitoring of a range of international standards essential for the effective regulation and operation of international financial markets. The Financial Stability Board (FSB) was established in April 2009 as the successor to the FSF with a broadened…