International Financial Regulation: Cooperation and/or Conflict?
International Financial Regulation: Cooperation and/or Conflict?

Summary/Abstract: International community has seen the current crisis as a new opportunity to intensify political processes that should lead to updated or a new international financial regulation. Despite numerous intergovernmental organizations’ declarations and plans to handle international finance, only national packages have been so far implemented. Norms to regulate international finance have been developed but only within the realm of national hard law. The paper has a two-fold aim. First, it aims to present the soft-law approach as probably the only feasible possibility to commence the process of regulating cross-border finance, bearing in mind the reality of the Westphalian system. Secondly, as significant political interplay precedes any such arrangement, the paper makes an overview of political responses to the crisis, culminating at G20 summits. Even though the concept of soft-law international agreements might be a framework to deliver certain results in the future, the present level of discrepancy among national political agendas is still too significant for the general goals of international financial regulation to be agreed upon.

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