ABSTRACT
The Financial Stability Board (FSB) represents the most important institutional innovation in the global economic governance architecture that has emerged in response to the global financial crisis of 2008–09. The FSB was created by the Group of Twenty (G-20) at the height of the global financial crisis with the task of urgently co-ordinating the international regulatory response to the crisis. However, rather than being a short-term fix in response to the crisis, the FSB has been given a central role in promoting international financial stability. In the words of the US Treasury Secretary Timothy Geithner, the FSB should have become a ‘Fourth Pillar’ in global economic governance along with the IMF, the World Bank (WB) and the WTO (US Treasury 2009).
