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Trade and Development Report 2015

Making the International Financial Architecture Work for Trade and Development

image of Trade and Development Report 2015
The Trade and Development Report (TDR), launched in 1981, is issued every year for the annual session of the Trade and Development Board. The Report analyses current economic trends and major policy issues of international concern, and makes suggestions for addressing these issues at various levels.

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Financial regulatory reform after the crisis

In the aftermath of the 2008-2009 global financial crisis, political leaders acknowledged that there were serious shortcomings in the way financial markets and institutions had been regulated. This was amply demonstrated by the failure of large private banks to manage risk, the unchecked expansion of a shadow banking system and the excessive reward schemes common throughout the entire financial sector. Initially, they showed a willingness for fundamental reform of the system aimed at making it more stable, less prone to crises and more resilient to shocks, as well as to orient it more towards supporting the real economy and economic development. They also recognized the need to accommodate the interests and concerns of the larger developing economies in the design of any subsequent reform agenda. Thus in late 2008, the G8 was replaced by the G20, which includes the larger developing countries, as the most relevant forum for international coordination and decision-making. Some of these countries were also given membership in the Financial Stability Board (FSB), which succeeded the Financial Stability Forum (FSF) to coordinate the activities of various financial standard-setting bodies and to take charge of monitoring implementation of the financial reforms agreed by the G20 countries.

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