City Research Online

Abstract

In the aftermath of the global financial crisis, the design of accountability mechanisms has taken on renewed importance in academic and policy debates. Calls to hold individuals whose actions and omissions contributed to the meltdown to account have gained traction in a number of countries after the crisis. Yet, individual accountability norms are seemingly absent from the international economic agenda in response to crisis. In this chapter we address this puzzle by exploring the evolution of two major international organisations, the International Monetary Fund (IMF) and the Financial Stability Board (FSB), in bringing accountability following financial crises. Our analysis reveals how these institutions have increasingly incorporated in their toolkit policy recommendations related to the unethical or illegal conduct by government officials of individuals in the financial industry. Yet, these tools were geared almost exclusively towards forward-looking policies designed to deter the reoccurrence of illegal or unethical behavior - what we call ‘mañana accountability’ - rather than punishing or scrutinizing past wrongdoing. We argue that the extent to which individual accountability norms permeate the international economic agenda is mediated by the bureaucratic culture of the organizations that comprise the international financial regime.

Publication Type:	Book Section
Additional Information:	This is an Accepted Manuscript of a book chapter published by Routledge in Understanding Accountability New Perspectives on a Fractured World on 31/07/2025, available online: https://www.routledge.com/Understanding-Accountability-New-Perspectives-on-a-Fractured-World/Flinders-Dimova-Monaghan/p/book/9781032588483
Publisher Keywords:	Accountability; Financial Crisis; Global Governance; Bureaucratic Culture
Subjects:	H Social Sciences > HG Finance J Political Science > JA Political science (General)
Departments:	School of Policy & Global Affairs School of Policy & Global Affairs > International Politics
SWORD Depositor:	Symplectic Administrator

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