Circles Within Circles

This is a paper I wrote in December 2011 for a course in Global Economic Governance, taught be Kemal Dervis and José Antonio Ocampo.

At a global level, the G-20 has tasked the Financial Stability Board (FSB), successor to the Financial Stability Forum (FSF), with pursuing a macro-prudential mandate in close cooperation with the IMF. The EU established in early 2011 a European Systemic Risk Board (ESRB) to pursue a similar mandate at EU level, while the UK is creating a Financial Policy Committee (FPC), on a par with the Monetary Policy Committee, at the Bank of England.

In this paper, I compare and contrast their mandates, capacities, modus operandii, impact to date and perspectives for the future.

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