The (multilevel) articulation of the European participation in international fnancial fora: the example of the Basel Accords

• Published in: Journal of banking regulation 2021-06
• Main Author: Fromage, Diane
• Format: Article
• Language: English
• Subjects: Humanities and Social Sciences; Law
• ISSN: 1745-6452; 1750-2071
• DOI: 10.1057/s41261-021-00168-y

Following the Great Financial Crisis, European Union (EU) rules in the area of banking supervision have become ever more strongly infuenced by the (formally non-binding) standards developed by international fnancial fora, chief of which are the G20 and the Basel Committee on Banking Supervision. European representation in these fora fuctuates, as varying, though, reduced groups of individual Member States are involved directly alongside EU institutions and bodies. Taking the example of the Basel Accords, this article sets forth to examine how the European participation in those fora is articulated, whilst also assessing the existing mechanisms of democratic accountability. Indeed, in view of the important constraints these standards impose on European legislators, it is of utmost importance that they be involved early on when they are defned to avoid any democratic accountability gap from arising.