chapter  8
14 Pages

The G-20 and global financial regulation

WithLora Anne Viola

In the wake of the 2008 global financial crisis, the G-20 established itself as the pivotal forum for collective international response to the crisis. This chapter investigates the specific effectiveness of and legitimacy challenges to the G-20. It begins by explaining the origins of the G-20, which is itself the result of an institutional adaptation to economic crisis. The chapter illuminates the institutional design and governance functions of the G-20, with a view to identifying where the main challenges to its effectiveness and legitimacy lie. This discussion narrows in on four sets of issues that affect both the G-20's effectiveness and legitimacy: its membership, the scope of its agenda, its ability to achieve policy co-ordination and the nature of its institutional structure. The chapter provides a discussion on these four issues to analyse in what way they present challenges to the G-20, how the G-20 may have already begun addressing them and what further institutional innovations and adaptations are necessary.