ABSTRACT
The organizational impact of the Financial Stability Board's (FSB) was considerable in terms of increasing the intensity and efficacy of international cooperation and the coordination of the policy output of the actors and standards-setting bodies involved. The FSB's creation increased by at least an order of magnitude the level and intensity of the international technical state-level agency-to-agency coordination and cooperation amongst central banking and supervisory communities. Blyth adds: 'institutional change only makes sense by reference to the ideas that inform agents' responses to moments of uncertainty and crisis'. Through the creation of the FSB, a central banking community joined by common experience and beliefs rapidly evolved during the crisis and acted internationally in support of a re-regulatory collective state-power-based paradigm shift. The FSB plays the key role in facilitating, monitoring and reporting on all work streams resulting from the G20 process. The lack of a 'hard law' international treaty base for the FSB has not been an impediment to effectiveness.
