ABSTRACT
The policy outcomes that emerged from the G20 and the FSB after the 2007–2008 economic and financial crisis are examined. Central bankers from the core states of the global economy experienced a narrative jump – a paradigm shift. The community recognised failings in the past deregulatory laissez-faire neoliberal model. The central bankers were determined to reassert state power and authority over global financial markets and firms, through the application of a series of macroprudential and other internationally agreed and coordinated policies across financial markets and firms. The major ongoing policy outcomes of the FSB-led reform process are addressed and their relative strength and mixed effectiveness assessed. Policy outcomes are reviewed individually and as a whole within their shifting cultural context. The FSB’s particular policy successes are found to have been driven by a stronger, consensual paradigm and narrative, a policy consensus agreed on after rapid policy convergence amongst a relatively small group of central banking technocrats leading the reform process.
