International financial relations have become increasingly important for the development of global and national economies. At present these relations are primarily governed by market forces, with little regulatory interference at the international level. In the light of numerous financial crises, this abstinence must be seriously questioned. Starting with an analysis of the regulatory problems at the international level, with only minimal powers entrusted to international organisations, this book develops various possibilities for reform. On the basis of an historical analysis, the book first adopts a comparative approach to national attempts to regulate international financial markets, then outlines the potential of relevant institutions (such as the European Central Bank, Basel Committee, IMF and World Bank) and finally develops a policy perspective. It seeks to provide a framework for analysing options for the regulation of international financial markets, from a public international law and comparative law perspective.
Introduction : the regulatory dilemma in international financial relations by Thilo Marauhn 1
1 Monetary governance and capital mobility in historical perspective by Benjamin J. Cohen 27
2 The liberalisation of financial markets : the regulatory response in the United Kingdom by Eilis Ferran 57
3 The liberalisation of financial markets : the regulatory response in Germany by Rainer Grote 75
4 Perspectives on US financial regulation by John K. M. Ohnesorge 95
5 The regulation of financial services in the European Union by Volker Roben 115
6 The free movement of capital in the European Union by Till Hafner 141
7 International regulation of finance : is regionalism a preferred option to multilateralism for East Asia? by Qingjiang Kong 151
8 WTO rules on trade in financial services : a victory of greed over reason? by Michael J. Hahn 176
9 The European Central Bank as regulator and as institutional actor by Thilo Marauhn and Michael Weiss 209
10 The Basle committee on banking supervision - a secretive club of giants? by Susan Emmenegger 224
11 Strengthening the international financial architecture : contribution by the IMF and World Bank by Axel Peuker 237
12 Liberalisation and regulation of international capital flows : where the opposites meet by Peter Nunnenkamp 259
13 Do we need a new international financial architecture? : many questions and some preliminary policy advice by Stefan Voigt 277
14 Proposing built-in stabilisers for the international financial system by Kunibert Raffer 296
Conclusions and agenda for further research by Rainer Grote and Thilo Marauhn 316
