| The global financial crisis erupted in 2007 reflects the drawbacks both in international financial standards arising from their “softness” as international soft law and inherent in global financial governance. Since 2008, new global financial governance structure has been formed with G20 summit being the core, participated in by international financial standard setting bodies. Under the new structure, with some of international financial standards endorsed by G20 summit, they become promises made by G20 states and are granted the will of the states. The increasing enhancement of representation, accountability and transparency of global financial governance institutions solves the issue of “legitimacy deficit” of international financial standards. The availability of institutionalized mechanisms for implementation and sanction at the international level enables international financial standards to be de facto mandatory.All of these provide evidences that international financial standards endorsed by G20 summit have been no longer soft law depending on the voluntary implementation by countries, but global financial law which satisfies the sine qua non of international hard law. However, global financial law as a law need much to be improved, such as strengthening the influence of developing countries in global financial governance institutions, proper arrangements for global financial standard setting bodies and their responsibilities to enhance their legitimacy, and use of more mandatory sanctions. |
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