"Under any scenario, then, it is clear that the FSB is likely to have an important future in international regulatory politics. If the political support behind strengthening the international standards regime holds up, the FSB will certainly have its hands full, including with the tasks of addressing the challenges outlined in the previous section. But if it fails to meet those challenges and support for stronger international standards erodes, the FSB could still have a central role to play in pioneering new forms of international cooperation to support a more pluralistic and decentralized international regulatory order. The new fourth pillar of global economic governance is clearly here to stay, even if its place in the world is not quite yet determined."
Professor Eric Helleiner (University of Waterloo, Ontario) concludes so in Global Policy: "What Role for the New Financial Stability Board? The Politics of International Standards after the Crisis"
After discussing the emergency of the international standards regime and the creation and role of the FSB, Helleiner discusses the challenges the FSB is confronted with:
- developing more efficient and effective mechanisms for monitoring and encouraging compliance;
- developing effective international standards that minimize future crises;
- overcoming legitimacy issues because of the FSB's narrow membership;
- establishing its legitimacy within the domestic polities of the member countries; and
- clarifying its relationship with other global governance institutions, in particular the G20, the IMFC, and many standard setting boards.
