This Article advocates an international administrative law model for financial regulation. It advocates the creation of an international body that has the power and resources to supervise cross-border financial institutions, demand action by national supervisors, promulgate supervisory standards, conduct inspections, and initiate enforcement proceedings. Acknowledging possible objections to an international administrative law model, particularly those related to the protection of state sovereignty and democratic accountability, this Article argues that the formation of an international administrative agency is better suited to the problem of global financial regulation and should garner support from key states. This Article admires in particular the structural reform proposals being adopted by the EU and the creation of new European System of Financial Supervisors. While recognizing that the EU represents a unique phenomenon in international law, this paper argues that the international community should look to the EU experience for a model of greater international cooperation.
Pan, Eric J.
"Challenge of International Cooperation and Institutional Design in Financial Supervision: Beyond Transgovernmental Networks,"
Chicago Journal of International Law:
1, Article 9.
Available at: http://chicagounbound.uchicago.edu/cjil/vol11/iss1/9