The World After The Financial Crisis - Who Should Be Responsible for International Financial Supervision?

Abstract

The world financial crisis 2007-2009 devastated the global economy. Market forces have failed and the need to regulate the financial sector has been revealed. The interdependencies of economies in different states proved that in order to prevent future crises it is critical to coordinate the actions of all interested parties, which in turn requires international regulation. This article seeks to explore who should be responsible for international financial supervision. Prior to answering this question, it is necessary to determine the causes of the crisis, the purposes of supervision and the current state of regulation.