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Financial Crisis And Civil Society, Claire R. Kelly

Claire R. Kelly

International financial law institutions struggle to confront financial crises effectively and flexibly, playing the role of both regulator and rescuer. At the same time these institutions confront demands for greater legitimacy in light of the public policy implications of their actions. Some might argue that greater participation by civil society may serve to foster greater legitimacy by improving representativeness, transparency, accountability, and reasoned decision making. But greater civil society access also has costs that can undermine both regulation and rescue efforts. I argue that we should not take it as a given that greater civil society participation lends greater legitimacy …