ABSTRACT
International financial regulatory co-operation since its beginnings in the early 1970s has been dominated by a handful of advanced countries. Until very recently, almost all developing countries played no significant role in the formulation of global regulatory norms and standards. After the global financial crisis of 2008-09, the G20, which had itself displaced the G7 as the key grouping in global economic governance, directed all of the major global institutions involved in standard-setting to undertake reforms to their governance structure so as to reflect the changed political environment. Accordingly, a number of emerging market countries have been brought into the inner circle of global regulatory standard setting, including organizations such as the Basle Committee (BCBS), IOSCO, IASB, and the FSB. Most of these institutions remain, along with the G20 itself, dominated by advanced countries from Europe and North America.2 Nevertheless, the crisis has brought some major emerging market countries into global regulatory standard-setting for the first time (see Table 1 in Chapter 1). As the introductory chapter in this volume notes, the expanded role of major developing countries in the process of international standard setting raises crucial questions about the significance of the crisis and the future of global economic governance. But how do the major emerging countries approach global standard-setting and how (if at all) has the recent crisis affected their attitudes towards it?
