The Role of Soft Law in Global Financial Governance

Weiss, F., & Kammel, A. J. (Eds.). (2015). The Changing Landscape of Global Financial Governance and the Role of Soft Law. Leiden. Brill Nijhoff.

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LBS’s master’s program in Banking, Finance and Compliance (BFC) places much emphasis on regulatory and compliance issues in international banking and finance. The recent global financial crisis has prompted the assumption that only a regulatory response would be the panacea to avoid future turbulence. Professor Armin J. Kammel, who is convening the financial law-related courses in the BFC master’s program, challenges the battle cry for politically motivated regulation.

In a compelling volume, which Kammel and his co-editor Friedl Weiss (University of Vienna Law School) published with Brill, economists and legal scholars from Europe, North America and Asia examine global financial governance and the role of soft law. The underpinning question refers to the efficiency of regulatory intervention, given a regulatory environment which is characterized by fragmented hard and soft law instruments and an increasing number of governmental, corporate and non-governmental actors.

In-depth analyses of post-crisis policy responses and regional activities particularly in Asia shed light on the complexity of transnational financial governance. Though the book offers a variety of takes, the contributors make the case for “carefully designed soft law […] as a valuable method or tool of mediation between the unrestrained autonomy of dysfunctional markets and overzealously crafted hard law.” (Weiss & Kammel, 2015)

In order to grasp the Changing Landscape of Global Financial Governance, academics and practitioners have to engage with financial economics, a growing body of legal regulation, and policy-making – be it in line with or contradictory to economic rationality. The BFC curriculum underscores this demand for interdisciplinary expertise. A copy of the book is also available in the LBS library.

Link to the publisher’s website: http://www.brill.com/products/book/changing-landscape-global-financial-governance-and-role-soft-law