ABSTRACT
This chapter analyses the aspects to provide the ground for assessing the emerging system's relative efficiency. The system was largely uncontrolled at the global level. The subsequent period of setting up new institutions and bringing new life to traditional institutions resulted in the emergence of an interlinked system of global financial governance institutions. Being interested in "carte blanche" and the preservation of the existing gaps between national laws, they were unlikely to let an effective system of global financial governance be established. The Basel Committee on Banking Supervision (BCBS) formulates standards and recommends best practices in banking supervision with the expectation that sovereign authorities will implement them through their national systems. The BCBS with the International Organization of Securities Commissions and International Association of Insurance Supervisors are implementing jointly developed general principles of operation for financial markets supervisory bodies. There are a large variety of built-in mechanisms in the documents international institutions adopt and put forward for financial market actors.
