At the Group of 20 summit meeting in London, leaders agreed to provide $1.1 trillion in loans and guarantees to boost international trade that would greatly increase the International Monetary Fund’s coffers. They also vowed to implement new regulations for hedge funds and large financial institutions, as well as a crackdown on tax havens, although these would have to be implemented by individual nations.
So is this how global governance strengths? through the ashes of global crisis? There should be some research out there on cross boundary crisis and subsequent agreement to enhance the cross boundary authorities by governments party to the crisis. Like the SARS outbreak, lead to a more powerful WHO, cross-state crime lead to a stronger US FBI, and obviously threat of Soviet Union lead to a stronger NATO and EU. If anyone know of any good research with quantitative evident on this topic, please do send me the link. Evident like crisis and subsequent budget increase of the cross boundary authority would be enlightening.