ABSTRACT
This chapter argues that Group of Twenty (G20) summit has the necessary political authority to have its members' central banks initiate a wide-ranging debate on the future of monetary policy. It looks at the key bodies that are engaged in monitoring the effectiveness of the G20's proposed actions. The chapter outlines the risks and how effectively international institutions dealt with them. It explains the response of the international community and the resulting emergence of the post-crisis global financial governance regime, which came to include existing institutions that started to pay greater attention to financial stability such as the World Trade Organization and the G7/8. Internally, the Financial Stability Board is tasked with monitoring the G20's implementation efforts, although weak spots remain in areas such as macro prudential oversight. To improve compliance, the G7/8 and G20 should institutionalize environment ministers meetings and perhaps add regular internal accountability mechanisms and reports. The chapter also presents an overview of the key concepts discussed in this book.
