Conclusions: factors of successful financial
agreements
The new multipolarity has shifted the locus of financial
regulatory agreement-making. Where regulatory
agreements like Basel I and II were concluded by small
groups of developed economies in “club settings,”
negotiations today are conducted by a broader (though
nonetheless exclusive) group of states. Agreementmaking
following the financial crisis reflects new trends
in global economic power. For regulatory agreements like
G20 action plans, a necessary component of their success
is negotiating this new multipolarity. This has raised
legitimacy questions, as more states want a seat at the
negotiating table.