(要旨).pdf

Chris Brummer's book "Soft Law and the Global Financial System: Rule Making in the 21st Century" argues that soft law is central to international financial law, with standards and best practices being informally enforced through mechanisms that ensure compliance. The author evaluates the post-2008 financial crisis reforms as having strengthened cross-border cooperation and consensus on regulatory issues, despite unresolved problems. The book predicts that the global financial system will continue to adapt and evolve as financial markets and regulations become increasingly interconnected. The source of soft law's power is summarized as actively participating in international standard-setting, achieving national regulatory goals, and smartly deploying transparency, persuasion, and leadership to achieve global financial stability.