Fischer questions FSB's democratic credentials
Fed vice-chair says Basel body not democratic ‘in certain sense' but still a ‘great success'
Stanley Fischer, the Federal Reserve vice-chair, on Friday questioned the Financial Stability Board's (FSB) democratic credentials but praised the international body for "trying to reach out".
Fischer, speaking during an event at the Peterson Institute in Washington, DC, on the trade-offs between national democracy and supra-national financial regulatory regimes, questioned the democratic legitimacy of "certain" FSB practices, but also described the body as a "great success".
Discussing his
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