Financial technocrats as competitive regime creators: The founding and design of the Network for Greening the Financial System

Abstract

AbstractWhy did a group of eight central bankers and financial supervisors from across the globe create a Network for Greening the Financial System in 2017? Why did they design this network as they did? The founders were an uncommon coalition, led by French financial authorities working closely with their Dutch, British, and Chinese counterparts, and backed by others from Germany, Mexico, Singapore, and Sweden. They were engaged in an unusual act of competitive regime creation at a moment when the United States was abandoning global leadership vis‐a‐vis climate change. This purpose led them to create a financial transgovernmental network that was distinctive in its roles, membership, and governance. Addressing these questions not only improves understanding of a body that has emerged as a leading voice in global discussions about the environmental aspects of financial policy. It also contributes to wider scholarship on financial transgovernmental networks and the greening of central banks.