硬化國際金融法的探索－－金融穩定理事會（FSB）的視角

Enforcing International Financial Regulatory Reforms; The Perspective of FSB

隨著2008年全球金融危機遠去，二十國集團領導的國際金融監管改革面臨“執行難”問題。各國執行國際金融監管改革的廣度、深度、方式和時間表參差不一，導致互相之間惡性競爭，改革目標落空，可能引發新一輪金融危機。造成“執行難”問題的根源是國際金融法的軟法傳統。本文提出“四維度理論”，主張從義務、強度、授權、執行等四個維度硬化國際金融法，解決國際標準的執行問題。筆者建議推進建設強有力的金融穩定理事會，以金融穩定理事會為中心完善多邊金融監管體系，並設想借鑒世界貿易組織(WTO)爭端解決機制，建立適用於國際金融監管的爭端解決機制。

The G20-led international financial regulatory reforms against the 2008 financial crisis have encountered major problems in national implementation. Nations differ vastly in regards of approach, degree, scope, and timetable of implementing international standards in most financial sectors. The implementation problem tends to induce states to race to the bottom, making international financial regulatory reforms in vain, and even laying the ground for the next financial crisis. The implementation problem is rooted in the tradition of 'soft law' standards in international finance. This article calls for keeping the right momentum of hardening international finance law along possible dimensions of obligation, stringency, delegation, and enforcement. The article specifically advocates improving the multilateral financial regulation via a stronger Financial Stability Board and a credible dispute settlement mechanism borrowing the WTO experience.