Perspectives on the Governance of Global Financial Regulation

Following the 2008 world financial crisis, and the G-20's reaction to it, significant reforms have taken place in 2009 to include members from developing countries for the first time in regulatory financial bodies. In the following sections the paper will first examine these reforms and suggest further improvements that would not only improve governance but also make regulation more effectively support global and national financial stability. The paper also makes suggestions for a possible role for Commonwealth countries and the secretariat in improving the global regulatory system and supporting each other. The paper will then examine broad principles for regulatory reform and discuss how global regulation could be strengthened, including through the possible creation of a global regulator