ABSTRACT
This chapter lays out the Financial Stability Board's (FSB) approach to financial reform, addresses the approach to enforcement and analyses areas of relative success, and contrasts those successes with weaker outcomes, where less progress is evident. The chapter addresses the major policy outcomes of the FSB led reform process and makes a judgement of their relative strength and effectiveness. The chapter also looks at the apparent policy outcomes individually and as whole, within the shifting cultural context in which they have been fashioned and in which they reside. The FSB is meant to 'promote members jurisdictions implementation of agreed commitments, standards and policy recommendations through monitoring, peer review and disclosure'. The creation and functioning of the FSB was the institutional masterstroke of the Group of Twenty (G20) and the central banking community. Finally the chapter concludes that there is evidence of an evolution in cultural norms that could further strengthen the new worldview.
