1 Mini-Conf: Finance after the Financial Crisis Faruk ÜLGEN 1 & Juan BARREDO-ZURIARRAIN 2 A Holistic Approach to the Governance of Global Financial Regulation (Should be quoted as a preliminary draft) Abstract (328 words): In the aftermath of the 2007-2008 worldwide crisis, it became obvious that something went wrong with liberalized financial capitalism. Financial markets and banking system collapsed and a few months later, they dragged down global economic relations within a generalized turmoil. Several questions arose along with this evolution. One of them is related to the sustainability of international monetary and financial relations. As the economies are increasingly interdependent, it does not seem to be possible to envisage a possible recovery only at a national level. An international coordination and cooperation process is an urgent prerequisite to envisage consistent recovery and stabilization policies. Financial systems play the role of a core reactor of the economic engine in market-related capitalist economies. In a globalized environment, the evolution of financial markets affects every domestic economy even when some of them are not totally integrated within international financial circuits. Even weakly financialized emerging markets are affected by the financial markets turmoil. From this perspective, a relevant alternative organization of international financial relations should regard the financial system as a public infrastructure that must be organized and supervised by a non-market institution. The same assertion holds for financial stability, the management and the supervision of which require a public organization. Stable and sustainable financial markets then require specific governance for their global regulation. This article argues that a relevant alternative global financial regulation should aim at organizing, managing and directing financial activities (markets, actors, means) towards common objectives. It maintains that the regulatory reforms designed in the aftermath of the 2007-2008 crisis do not include such alternative objectives to enable the international coordination and cooperation strengthened enough to cope with growing imbalances. A consistent reform of global financial governance might rest on a regulatory reform that would transform the finance-as-the-aim into the finance-as-the-means in the service of social development. This article adopts a holistic view and exhibits arguments in favor of a comprehensive, inclusive and developmentalist financial framework of capitalism at the international level. Keywords: Financialization, financial crisis, financial regulation, global financial governance, international coordination, international public goods JEL Codes: F33-G01-G18-H87 1 Corresponding author. Associate Professor at the Grenoble Faculty of Economics, Univ. Grenoble Alpes, 1241, rue des residences BP 47 38040 Grenoble Cedex 09 France, faruk.ulgen@univ-grenoble-alpes.fr. 2 Assistant Lecturer at the University of the Basque Country, Spain, juan.barredo@gmail.com.