Abstract
This chapter discusses which power or which institution could rewrite the rules of the money system. It takes a closer look at each of the already involved regulatory bodies—from the G20’s Financial Stability Board and the International Monetary Fund to the European Union and the United Nations. Despite strong rhetoric in favor of tighter regulation and an impressive amount of concrete regulatory projects at all levels, the result of the investigative journey through these institutions is that at this moment in time none of them is willing or capable of fundamentally rewriting the rules of the game of the financial system. Ideological hegemony and power concentration with the consequent regulatory capture have developed too far. Thus a different strategy seems necessary to put the monetary and financial system in line with the fundamental values of democratic societies and make it more stable, just, transparent and democratic.
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Notes
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Stern, 14 May 2008.
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“LDC” means the group of 48 “least developed countries,” the group of states with the lowest per capita income.
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Members from Germany are the Bundesbank, the Federal Financial Supervisory Authority and the Federal Ministry of Finance. The complete list of members is available at: www.financialstabilityboard.org/about/fsb_members.htm
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Eugene Fama the originator of the theory of efficient financial markets curiously received, albeit together with Robert Shiller who came to very different results, the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel” which is often confused with a Nobel Prize. It was not one of the original prizes specified in Nobel’s will, but rather was added by the Nobel Foundation in 1969.
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Felber, C. (2017). Tamer Wanted: Who Will Restrain the Global Monetary and Finance System?. In: Money - The New Rules of the Game . Springer, Cham. https://doi.org/10.1007/978-3-319-67352-3_2
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DOI: https://doi.org/10.1007/978-3-319-67352-3_2
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