The Role of Soft Law in the Legalization of International Banking Supervision: A Conceptual Approach
The process of legalization and the role of international soft law in developing international banking supervisory standards are extremely important for assessing the feasibility of establishing effective international rules for banking supervision. This paper analyses the concept of legalization at the international level and how it may be applied to the development of international 'soft law' principles and rules that shape and constrain state behaviour in international banking supervision. Legalization includes a wide range of normative and institutional arrangements, from binding 'hard' law through various forms of non-binding soft law rules, to arrangements that share some characteristics of hard law but are not legally binding, though they have a normative impact on state practice. An analysis of the concept of legalization is necessary for determining whether non-binding international rules can be effective in reducing systemic risk in the international financial system.
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