The Financial Stability Board
An Effective Fourth Pillar of Economic Governance? - Working Paper #245
At their April 2009 summit in London, the G20 leaders announced their first major international governance innovation: the creation of the Financial Stability Board (FSB). The FSB replaced the Financial Stability Forum (FSF), which had been created almost exactly ten years earlier in the wake of the 1997-1998 East Asian financial crisis. The G20 leaders gave the FSB a stronger mandate to promote global financial stability, a wider membership and a more sophisticated internal organizational structure than its predecessor. Our hope is that this compilation of short memos, produced a year or so after the FSB’s creation, will promote further debate over the mandate, legitimacy, governance and effectiveness of the institution.
About the Authors
Financial Markets Program Director
Initiative for Policy Dialogue (IPD)
Stephany Griffith-Jones is an economist specialising in international finance and development, with emphasis on reform of the international and national financial system, especially in relation to financial regulation and global governance. She is Financial Markets Director at the Initiative for Policy Dialogue, Columbia University. Previously she was Professorial Fellow at the Institute of Development Studies at Sussex University. She was Director of International Finance at the Commonwealth Secretariat and worked at UN DESA and ECLAC. She was senior consultant to governments in Eastern Europe, Latin America and Africa and many international agencies, including the World Bank, the IADB, the European Commission, UNDP and UNCTAD. She was a member of the Warwick Commission on financial regulation. She currently is theme leader on finance in the ESRC /DFID growth programme for LICs, especially African ones. She has published over 20 books and many scholarly and journalistic articles. Her books include Time for the Visible Hand, Lessons from the 2008 crisis, edited jointly with José Antonio Ocampo and Joseph Stiglitz.
International Political Economy
University of Waterloo
Professor of International Political Economy
University of Oxford