The Dynamics of Inclusion and Exclusion
Edited by Peter Mooslechner, Helene Schuberth and Beat Weber
Chapter 3: Who Governs? Economic Governance Mechanisms and Financial Market Regulation
Brigitte Unger Who governs financial markets and financial market reforms? Which mechanisms are involved? And who plans or can be held responsible for the outcomes which ultimately not only affect the financial sector itself but also the real sector in the form of altered income distribution or changes in unemployment, to name but two examples? Outcomes that include or exclude the interests of different parts of society and increase or decrease the incomes and opportunities of various groups or individuals. The financial governance debate stemming from international relations (IR) and international political economy (IPE) has addressed these issues (for a survey, see Underhill in this volume). One advantage of this debate is that it analyzes the complexity of global financial aspects as well as the overlapping structures of multi-level and global financial governance. It analyzes regulatory reforms in specific financial sub-sectors and stresses the democracy deficits that might accompany the new forms of governance at the global level. However, the debate also has some deficiencies. In the following, three major weaknesses of the governance debate in general and of financial governance in particular will be addressed. First of all, the concept of governance is still vague. Section 1 thus gives a short overview of concepts of governance and shows that financial governance definitions have converged, but this has also reduced the richness of the original concept of economic governance. Today, every international agreement seems to have to do with some kind of network governance or private-sector governance. And every governance...
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