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Shawn Donnelly

International standardsetting bodies in the financial sphere are informal and have national competent authorities as members, rather than national governments. The European Central Bank is the primary representative of the EU in international standardsetting bodies, either in its capacity as a central bank, or as a bank supervisor. Elsewhere, the European Commission is often granted observer status, while advisory and coordination bodies such as the European Supervisory Authorities for banking, insurance and securities markets are sometimes allowed to observe as well. In both cases, authorities from EU Member States sit alongside their EU counterparts. While they primarily use these international bodies to plan out compromises as a soft law basis for further EU standards and legislation, intractable conflicts between EU Member States can also render international bodies unable to produce further global standards.