1 - A Transformative Forty Years

Summary

This book tells the story of how we moved from a world in which there was no way for regulators or investors to grasp the risks that rogue financial institutions were taking abroad to one in which international processes govern the most important rules under which financial institutions of any size operate. It is a tale about the creation and evolution of a new form of global governance – the regulatory network – that has provided detailed, organized, and binding governance without adhering to the traditional mechanisms of international or administrative law. International financial regulation works like an administrative agency stretched onto a global multilateral context.