The Redesign of the Global Financial Architecture
More than ten years on from the most intense phase of the global financial crisis, and the collective international response in the G20 summit in London, a new normal has emerged with systems in place to mitigate against further banking crises. This updated new edition analyzes this post-crisis international and national regulatory framework and asks whether the current paradigm is fit for purpose as new dangers gestate and develop.
This new edition includes a discussion of the impact of the aggressively deregulatory and anti-globalist policies of the Trump administration and its pursuit of an America First policy and explores its implications for the regulatory landscape constructed and tended by previous leaders. The author addresses new and future systemic risks, many outside the regulated banking sector, which have grown in importance since 2015. He develops possible future scenarios for the international regulatory architecture, both negative and positive, asking, Are we better prepared for future banking crises? New risks, including the COVID-19 pandemic and economic crash, are testing the global system; and the G20, without US leadership, may be failing in this latest most severe crisis of our lifetimes. This book provides a unique narrative explanation drawn from leading actors of key events and policy changes as they unfolded immediately post-crisis. The author builds upon the first edition to capture key developments that have occurred during the past five years, while raising key questions and vulnerabilities and looking at future risks and challenges that may emerge.
This text will be of great interest to students, teachers and researchers of financial frameworks, globalisation and political economy.
Stuart P. M. Mackintosh is Executive Director of the Group of Thirty, an international financial think tank. He is past President of the National Association of Business Economics, the largest and most influential organisation of professional economists in the USA. Dr Mackintosh speaks widely before diverse audiences, from central banks, to investor events, to general audiences. He continues to write widely, with recent work appearing in Reuters, EuropeNow magazine, the Journal of Business Economics, the Journal of World Economics and Financial World magazine.
Rethinking Globalizations
Edited by Barry K. Gills
University of Helsinki, Finland
Kevin Gray
University of Sussex, UK
This series is designed to break new ground in the literature on globalization and its academic and popular understanding. Rather than perpetuating or simply reacting to the economic understanding of globalization, this series seeks to capture the term and broaden its meaning to encompass a wide range of issues and disciplines and convey a sense of alternative possibilities for the future.
BRICS and MICs: Implications for Global Agrarian Transformation
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Migration, Civil Society and Global Governance
Edited by Carl-Ulrik Schierup, Branka Likic-Brboric, Ral Delgado Wise and Glay Toksz
Authoritarian Neoliberalism
Philosophies, Practices, Contestations
Edited by Ian Bruff and Cemal Burak Tansel
The Redesign of the Global Financial Architecture
State Authority, New Risks and Dynamics
Stuart P. M. Mackintosh
Challenging Inequality in South Africa
Transitional Compasses
Edited by Michelle Williams and Vishwas Satgar
Between Class and Discourse: Left Intellectuals in Defence of Capitalism
Boris Kagarlitsky
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Damien Cahill, Martijn Konings and Adam David Morton
For more information about this series, please visit: www.routledge.com/Rethinking-Globalizations/book-series/RG
Second edition published 2021
by Routledge
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2021 Stuart P. M. Mackintosh
The right of Stuart P. M. Mackintosh to be identified as author of this work has been asserted by him in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988.
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First edition published in 2015
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library
Library of Congress Cataloging-in-Publication Data
Names: Mackintosh, Stuart P. M., author.
Title: The redesign of the global financial architecture : state authority,
new risks and dynamics / Stuart P. M. Mackintosh.
Description: Second edition. | Abingdon, Oxon ; New York, NY :
Routledge, [2021] | Series: Rethinking globalizations | Includes
bibliographical references and index.
Identifiers: LCCN 2020019724 (print) | LCCN 2020019725 (ebook) |
ISBN 9780367857479 (hardback) | ISBN 9781003014799 (ebook)
Subjects: LCSH: International finance. | Financial crises.
Classification: LCC HG3881 .M2715 2021 (print) | LCC HG3881 (ebook) |
DDC 332/.042dc23
LC record available at https://lccn.loc.gov/2020019724
LC ebook record available at https://lccn.loc.gov/2020019725
ISBN: 978-0-367-85747-9 (hbk)
ISBN: 978-1-003-01479-9 (ebk)
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In memory of Una, Bernard and John, without whose example and support this would not have been possible.
I would like to thank all those who have supported me during my research for this new edition. My particular thanks to Barry Gills for his continued support encouragement, support and intellectual guidance.
I cannot name, but must warmly acknowledge and thank, the scores of individuals who were so generous of their time and who allowed me to interview them regarding the 20072008 financial crisis and G20-led intergovernmental response since then. I feel honoured to have been given the time and counsel of presidential and prime ministerial advisers, finance ministers, G20 sherpas, central bank governors and deputy governors, treasury and ministry of finance officials, numerous IMF executive directors, academics and former senior policy makers. Without their frank insights and personal narratives of the events that they experienced, often first-hand, this research would not have been possible. Any errors in the book are mine. The lions share of the illumination that the book contains on global summitry, policy making and processes comes from those leaders, experts and actors who graciously permitted me to interview them.
I must thank my wife, Jean, for her constant encouragement. I would also thank my mentors, Jean-Claude Trichet and Sir David Walker, for their ongoing support. I must also thank my good friend Diane Stamm for her careful eye as to style and presentation, and my hardworking researcher John Harkness, who worked with me on the new edition. Finally, I must thank Emily Ross and Hannah Rich, both superb editors, who shepherded the book from its raw form to completion.
