Home > Allies and Networks > Africa Trade Network (ATN) > Governance of the financial sector and financialisation in the context of Africa

Where is the biggest money?

INTRO

  •  global governance & how Africa fits (not) in it
  •  governance of global financial system excluding the international and regional development banks
  • governance of financialisation instruments

Underlying principles of the governance of the financial system

  • No internationally binding agreement vs. trade and investment treaties sanctionable
  • are international fora for political decisions and fora for official standard setting
  • all finance issues out of the UN
  • financial sector is highly involved at all levels of governance : pushing hard to have least regulations
  • financial sector self-governs
  • No obligations for the financial sector or even central banks to finance socially and environmentally sustainable activities

Africa not part of multilateral decision-making fora

BIS – Bank of

  • serves central bankers and their cooperation, and acts as a bank for central banks
  • has 60 members of which only the Central bank of Algeria and the South African Reserve Bank is part
  • The Committee on the Global Financial System is a central bank forum for the monitoring and examination of broad issues relating to financial markets and systems

Myriam Vander Stichele                                                                                                                              Centre for Research on Multinational Corporations

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