The chapter argues that the development of public governance of financial markets has not kept pace with the changes in their structure. The public regulation of financial markets developed together with the modern nation state, though it took until the 20th century for modern states to establish centralized regulatory systems. During the 20th century, both the economy and financial markets became internationalized, but the international financial standard setters that were established in response continued to be dominated by national actors. Nor has this changed substantially after the recent financial crisis. The formulation and subsequent implementation of international rules still depends on sovereign states that act as “economic patriots”. The chapter draws on Mayntz’s previous work on the main international institutions: IMF, World Bank, and GATT (later WTO), also commentary from Ruggie 1982 and others. The later “Washington Consensus” and national authorities have useful commentary in Lütz 2009. Main policy documents include the Bank for International Settlement BIS; Financial Stability Institute FSI; International Accounting Standards Committee IASB; International Organization of Securities Commissions IOSCO; G7’s Financial Stability Forum FSF; many under the G20; EU committees and further international entities. Banks are particularly discussed in Mayntz 2012 and Admati and Hellwig 2013. The chapter argues that the development of public governance of financial markets has not kept pace with the changes in their structure. The public regulation of financial markets developed together with the modern nation state, though it took until the 20th century for modern states to establish centralized regulatory systems. During the 20th century, both the economy and financial markets became internationalized, but the international financial standard setters that were established in response continued to be dominated by national actors. Nor has this changed substantially after the recent financial crisis. The formulation and subsequent implementation of international rules still depends on sovereign states that act as “economic patriots”. The chapter draws on Mayntz’s previous work on the main international institutions: IMF, World Bank, and GATT (later WTO), also commentary from Ruggie 1982 and others. The later “Washington Consensus” and national authorities have useful commentary in Lütz 2009. Main policy documents include the Bank for International Settlement BIS; Financial Stability Institute FSI; International Accounting Standards Committee IASB; International Organization of Securities Commissions IOSCO; G7’s Financial Stability Forum FSF; many under the G20; EU committees and further international entities. Banks are particularly discussed in Mayntz 2012 and Admati and Hellwig 2013. The chapter argues that the development of public governance of financial markets has not kept pace with the changes in their structure. The public regulation of financial markets developed together with the modern nation state, though it took until the 20th century for modern states to establish centralized regulatory systems. During the 20th century, both the economy and financial markets became internationalized, but the international financial standard setters that were established in response continued to be dominated by national actors. Nor has this changed substantially after the recent financial crisis. The formulation and subsequent implementation of international rules still depends on sovereign states that act as “economic patriots”. The chapter draws on Mayntz’s previous work on the main international institutions: IMF, World Bank, and GATT (later WTO), also commentary from Ruggie 1982 and others. The later “Washington Consensus” and national authorities have useful commentary in Lütz 2009. Main policy documents include the Bank for International Settlement BIS; Financial Stability Institute FSI; International Accounting Standards Committee IASB; International Organization of Securities Commissions IOSCO; G7’s Financial Stability Forum FSF; many under the G20; EU committees and further international entities. Banks are particularly discussed in Mayntz 2012 and Admati and Hellwig 2013.