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The (multilevel) articulation of the European participation in international financial fora: the example of the Basel Accords

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  • Diane Fromage

    (Sciences Po Law School)

Abstract

Following the Great Financial Crisis, European Union (EU) rules in the area of banking supervision have become ever more strongly influenced by the (formally non-binding) standards developed by international financial fora, chief of which are the G20 and the Basel Committee on Banking Supervision. European representation in these fora fluctuates, as varying, though, reduced groups of individual Member States are involved directly alongside EU institutions and bodies. Taking the example of the Basel Accords, this article sets forth to examine how the European participation in those fora is articulated, whilst also assessing the existing mechanisms of democratic accountability. Indeed, in view of the important constraints these standards impose on European legislators, it is of utmost importance that they be involved early on when they are defined to avoid any democratic accountability gap from arising.

Suggested Citation

  • Diane Fromage, 2022. "The (multilevel) articulation of the European participation in international financial fora: the example of the Basel Accords," Journal of Banking Regulation, Palgrave Macmillan, vol. 23(1), pages 54-65, March.
    • Handle: RePEc:pal:jbkreg:v:23:y:2022:i:1:d:10.1057_s41261-021-00168-y
    DOI: 10.1057/s41261-021-00168-y
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    References listed on IDEAS

    as
    1. Enrico Milano & Niccolò Zugliani, 2019. "Capturing Commitment in Informal, Soft Law Instruments: A Case Study on the Basel Committee," Journal of International Economic Law, Oxford University Press, vol. 22(2), pages 163-176.
    2. Annamaria Viterbo, 2019. "The European Union in the Transnational Financial Regulatory Arena: The Case of the Basel Committee on Banking Supervision," Journal of International Economic Law, Oxford University Press, vol. 22(2), pages 205-228.
    3. Daniel E. Ho, 2002. "Compliance and International Soft Law: Why Do Countries Implement the Basle Accord?," Journal of International Economic Law, Oxford University Press, vol. 5(3), pages 647-688, August.
    Full references (including those not matched with items on IDEAS)

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