The Official Monetary and Financial Institutions Forum (OMFIF), which styles itself an independent research group for central banking, economic policy and public investment, providing a neutral platform for public and private sector engagement worldwide, organizes sometimes quite interesting events around its core mission and aspirations.
For 25 June 2026, OMFF has organized one such event: "Global Financial Stability: Digital Assets and Next Generation Cross Border Payments" as a virtual discussion with Martin Moloney, deputy secretary general of the Financial Stability Board, on global financial stability in the context of rapid developments in digital assets – including stablecoins – and next-generation cross-border payments.
This promises to be interesting, if only to (re)encounter the sensibilities and cognitive frameworks of one element of the old global system of financial stability, the response to the last great crisis of which in 2007ish produced the Financial Stability Board (on which I had at one point written a little abut from a structuralist and regulatory perspective: “Private Actors and Public Governance Beyond the State: The Multinational Corporation, the Financial Stability Board and the Global Governance Order”, Indiana Journal Global Legal Studies 18:751-802 (2011)). Those sensibilities, now in a global regulatory context that appears to be moving away from the foundational political line that gave birth to the FSB, but one that still requires the old convergence forms if only for transactional infrastructures from increasingly re-nationalized spaces, makes the conversation even more interesting. The old analysis now acquires a new meaning:
The analysis produces irony: to save the state, the state itself must adapt to the governance frameworks of private transnational governance bodies. Thus reconstituted, a new set of arrangements might well arise, in which amalgamations of the most powerful states and private regulatory bodies assert authority once reserved to states alone. But it also suggests more: in particular, the weakening of the border between hard and soft law even within public sector governance. The convergence of form suggests a functional convergence of governance-the private corporation with public obligations, and the regulatory state that participates in markets. Public and private corporate bodies, once divided by an insurmountable conceptual barrier, now become mirrors of one another. (“Private Actors and Public Governance Beyond the State, p. 759)
Pix credit (Recreating the famous mirror sequence in 1933's movie "Duck Soup"
Stabilization through control mechanisms; control mechanisms through a dense layering of compliance and expectations permeating an aligned system of institutional actors across ecologies of private and public systems that are grounded on the value of fuzziness and personalized through a solidarity based techno-bureaucratic order that serves stability in ways that align with the fundamental premises of the cognitive cage that signify these terms and premises in ways that produce a rationalized interpretive system. But perhaps not. . . .
Registration links and more information follows below and may also be accessed HERE.
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