Legacies of the 2008 Crisis for Global Financial Governance

What are the legacies of the 2008 financial crisis for global financial governance? One answer is that the crisis strengthened the cooperative and multilateral dimensions of international financial relations. A different interpretation is that the crisis unleashed decentralization trends. Important examples can be cited in support of both of these perspectives. After reviewing that evidence, this article highlights ways in which these two distinct legacies are working together to generate a third outcome that may well emerge as the more lasting legacy of the crisis: cooperative decentralization in global financial governance.