The International Financial Crisis, Global Financial Governance and the European Union

Abstract

The financial crisis that hit the world in 2008 exposed the fragility and weaknesses of our global financial system. It has triggered a global response: world leaders – for the most part in the framework of the revitalised G20 – have held several meetings to discuss and agree on a global plan for recovery and the reform of global financial governance. This chapter addresses these responses, with particular attention to the position, role and representation of the European Union (EU) in global economic and financial governance institutions in the light of the changes brought about by the Treaty of Lisbon.