Institutional changes in the global financial system...

Institutional changes in the global financial system due to the global crisis

As the scale and depth of the unfolding financial and economic crisis are realized (we note that understanding did not come immediately), in 2008 the backbone states began to some extent to real cooperation in developing common coordinated measures in the field of global financial control. In terms of political support, a prominent role was played by the G-8 and G-20, which provided the development and implementation of a number of new mechanisms in the global financial control system. At the same time, the decision-making process and the main recommendations in the field of financial and economic development, as it were, "flowed over" from G-8 to G-20/This was a kind of evidence that the leading economic powers already can not have a significant impact on world processes without emerging markets (SFD). In the context of the global crisis, it turned out that the G-20 is most suitable for developing common measures to overcome the crisis and international coordination of the activities of individual states in this area. On November 15, 2008, the first G-20 summit was held in Washington. As a result, the Declaration and the "Washington Action Plan" were adopted. The plan provided for the implementation of a number of initiatives in the field of international finance. Let's name those that were created by the working groups and later accepted by the "twenty" in consultation with national governments:

• The Study Group ( IG) was created within the G-20, which was commissioned to study the causes of the crisis and the "glitches" in the functioning of the global credit market; to develop measures to prevent such crises and propose them for consideration at the G-20 summit;

The Financial Stability Forum (FFS), which operated under G-8, was expanded and transformed into G-20, the Financial Stability Board (SPS). The task is set for him: jointly with the IMF, to develop proposals on the impact on the world financial markets;

• Initially, the Recommendations were formalized as strategic reports of the FSF, and after its transformation - as reports of the SPS for the G-20. They have been reflected, in particular, in the agreements of the foreign ministers and the heads of central banks on ensuring greater transparency of financial institutions, increasing their responsibility, including on financial reporting based on common standards for the valuation of financial instruments;

• The IMF and the extended SPS have been asked to develop regulatory measures and recommendations for overcoming the cyclical nature of the world economy;

• Regulatory agents are required to exercise more effective control over the activities of international rating agencies, in which major shortcomings have been identified. These agencies, in any case the largest of them, adopted in the Code of Conduct, based on the revised Basic Principles of the Code of Conduct for Credit Rating Agencies (IOSCO);

• Regulators were asked to improve their recommendations to improve the effectiveness of risk management in banks, revise internal control mechanisms to introduce more stringent risk management measures;

The Basel Committee is obliged to improve recommendations on supervision in critical areas of risk management. He prepared a new Guide to Risk Management and Principles of Sound Risk Management for Liquidity and Surveillance ( Basel-3 );

• National and regional regulatory authorities have also been invited to strengthen interaction in improving mechanisms in the regulation between jurisdictions at the international level;

• Supervisors should closely cooperate in setting up supervisory boards for all major international financial institutions. Such supervisory colleges were created in 2009-2010. in most of the backbone financial and banking institutions specified in the FSF (SPS);

• Regulators are required to take all necessary measures to strengthen international crisis management mechanisms. At the international level, one of the envisaged measures is the expansion of the SPS in order to increase the participation of emerging market countries in it. Accordingly, the FSF was expanded and transformed into the SPS, and includes new G-20 countries: Argentina, Brazil, China, India, Indonesia, South Korea, Mexico, Russia, Spain, Saudi Arabia, South Africa and Turkey, and the European Commission ;

• The IMF and SPS have developed an early warning mechanism. Its first launch was carried out at the IMF/WB spring session in 2009. The IMF should, in close cooperation and coordination with the SPS, play a major role in drawing lessons from the global crisis. (To do this, the entire composition of the IMF's analytical units should be completely changed, as they were under the powerful influence of economic libertarianism, which was completely alien to the new prescriptions developed by the G-20 and other international organizations, including the UN, in previous decades. Aut.);

• Four working groups were also set up to implement specific measures contained in the "Washington Action Plan": Working Group (WG-1) "Improving the Quality of Regulation and Transparency in Financial Markets"; Working Group (WG-2) "Expanding international cooperation and ensuring the integrity of financial markets"; Working Group (WG-3) "Reform of the IMF"; Working Group (WG-4) "The World Bank and Other Multilateral Development Banks" (ICBMs).

All these developments and recommendations were submitted for consideration by the heads of state and government during the G-20 summit in London on April 2, 2009, where they were generally approved. During the London G-20 Summit, the Declaration of the leaders of the countries was adopted, as well as three additional documents: Declaration on the Strengthening of the World Financial System, Declaration on the Provision of Resources through International Financial Institutions and Report on Implementation Results , The Washington Action Plan. " During the summit, the Financial Stability Forum (FSF) was finally transformed into the Financial Stability Board (SPS). Its functions have been significantly expanded, in particular its tasks now include identifying the weak points of the world financial system, ensuring coordination and information exchange among authorities, monitoring the activities of institutions responsible for developing standards, and interaction with supervisory colleges. The Council also has an important role in the implementation of early warning procedures to identify macroeconomic and financial risks.

The Declaration on the Strengthening of the Financial System and other G-20 documents commit to strengthening control over the hedge funds and the regulation of derivatives - derivatives. The Basel Committee on Banking Supervision (BKNB) of the Bank for International Settlements is required to revise the minimum amount of capital in the backbone banks and develop appropriate recommendations in order to strengthen control over observance of the established criteria (all these transformations are called "Basel-3", according to detail on this, see. par. 14.9).

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