The Third Reform of the International Financial Architecture
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The current global financial crisis has revealed clear problems in the functioning of the IFA, mainly in respect of crisis prevention. An international effort spear-headed by the G20 has been under way since late 2008 to address some of these problems, but it is not yet clear how far this process will go. The purpose of this chapter is to examine the broad scope of the global reform effort that is needed and to consider alternative proposals for addressing specific aspects of the reform agenda. In this commentary, areas where the reform considerations of the G20 fall short are identified.
KeywordsInternational Financial Reporting Standard Emerge Market Economy Governance Reform Debt Restructuring Proprietary Trading
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