ABSTRACT
Rare shifts in an ideological and regulatory worldview do not occur instantaneously, but once the breakpoint for the prior worldview is reached, shifts unfold over years, involving many individual ideational and policy actions, which, viewed together, constitute meaningful change. To successfully execute a series of complex multiyear interconnected reforms – from addressing systemic risks, to raising bank capital, to derivatives regulation, to addressing too big to fail and more – the central banking transnational epistemic community created the Financial Stability Board (FSB) in April 2009. The FSB is the concrete institutional expression of the coordinated international re-regulatory worldview sought by central bankers in response to the financial and economic crises of 2007–2008, and it is growing in influence and authority. The FSB is a central part of, and an actor in, the paradigm shift in the reform and regulation of global markets and firms that is still underway in 2020, 11 years after the internationally coordinated crisis response began. The process is now more gradual and incremental, but there is still evidence of construction of the policy architecture by the technocratic elite community.
