Governance of the Global Financial System: The Legitimacy of the BCBS 10 years after the 2008 Crisis

Jose Gustavo Prieto Muñoz

Journal of International Economic Law, 2019, vol. 22, issue 2, 247-260

Abstract: This article explores the question of legitimacy that underpins Basel III. First, I present a general framework for assessing how legitimacy operates within the global financial system through an analysis of the internal and external dimensions. I next address the internal dimension, exploring the legitimacy of the Basel Committee on Banking Supervision (BCBS) as a body that exercises a type of public authority through the generation of norms/standards. I then analyse how the public law standards of transparency and accountability are currently being implemented within the BCBS system. Finally, I examine the external dimension, considering how the legitimacy of the BCBS is related to the international system. In particular, it is argued that because of the direct link between bailouts and human rights violations, the legitimacy of the BCBS is also tied to its role in promoting financial stability in the post-crisis architecture by protecting social rights within states.

Date: 2019
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