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40 Yale J. Int'l L. Online 1 (2014-2015)

handle is hein.journals/yejloillwo40 and id is 1 raw text is: The Yale Journal of International Law Online The Binding Force of G-20 Commitments Suyash Paliwal The wave of international regulatory cooperation galvanized by the global financial crisis was by all measures a necessary response financial markets are global and, in order to be effective, the regulatory response to the crisis had to be global as well. But in many ways, the best that could have been achieved was a loose system of dialogue and cooperation among the developed and developing nations concerned with the financial crisis. Now celebrating its sixth birthday and, as of this writing, preparingfor the upcoming leaders' summit in Brisbane, Australia, the Group of Twenty (G-20) has spawned an ambitious set of commitments and the Financial Stability Board has developed meaningful recommendations for global financial regulatory reform. Implementation is underway. But how binding are the commitments? Are they any more than soft law? Are the commitments enforceable in their own right? Can they be enforced through other existing obligations or structures? This Article sets out a framework for analyzing G-20 commitments under international law, namely, as unilateral declarations, customary international law, or interfacing with general principles of law including reciprocity and estoppel. INTRODUCTION In the wake of the financial crisis of 2008, the leaders of twenty developed and developing economies convened the Group of Twenty (G-20) as a political and regulatory coordination body. Now celebrating just over six years since the first Leaders' Summit,' the G-20 boasts progress in cross-border cooperation on financial * Associate, International Arbitration, White & Case LLP. J.D. 2010, Columbia Law School; M.B.A. 2002, The Wharton School, University of Pennsylvania; B.S. 2002, University of Pennsylvania. I am grateful for the feedback on drafts of this Article provided by Meena Sharma, Paul Dean, Sean D. Murphy, W. Michael Reisman, Mallory Stewart, and the Editors of the Yale Journal of International Law Online. Thanks also to Amb. Richard N. Gardner for his continued mentorship. The views expressed in this Article represent the author's views only and do not necessarily reflect the views of White & Case LLP and/or any of its clients. All errors herein are my own. 1 2008 Washington, GROUP OF TWENTY, https://www.g20.org/aboutg20/pastsummits /2008_washington (last visited Oct. 3, 2014); GROUP OF TWENTY, RUSSIA G20: G20 5TH ANNIVERSARY VISION STATEMENT (Sept. 2013), https://www.g20.org/sites/default/files

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