National circumstances are key determinants of implementation outcomes, but the way policies are developed, drafted and presented can also play a role in improving implementation.
This report analyses whether and how the way the FSB develops, drafts, and presents policies affects the implementation of those policies.
Looking at international reforms developed by the FSB after the 2008 Global Financial Crisis, the report finds that national circumstances – including legal frameworks, market structure, and political capacity – are the main reason why implementation has been uneven.
Nevertheless, in a number of cases, difficulties encountered in implementing a standard can also be traced to the policy development process itself. These findings point to targeted and well calibrated reform of the policy development process itself as one element in improving implementation.
This report is the second report produced in the context of the G20 Implementation Monitoring Review (IMR), a strategic review of the FSB’s work to encourage and monitor the implementation of international financial reforms. The review, initiated at the request of the G20, is led by Randal K. Quarles (former FSB Chair and former Vice Chair for Supervision of the US Federal Reserve Board).
