Does global governance contribute to regulatory failure and financial crises? And, if it does, should we enhance global cooperation to prevent future crises or confine our focus on the national level? Roman Goldbach reveals that, while global cooperation of bank regulators should minimise the emergence of financial crises, it actually contributes to the build-up of financial bubbles and the resulting turmoil. He argues, moreover, that the underlying governance structure remains intact to date, which promises comparable future regulatory failure. Goldbach's innovative analysis of the Basel Committee on Banking Supervision and its two most recent global standards--the Basel II and Basel III frameworks--builds on new empirical material from national, transnational and international processes. His results demonstrate how global governance has contributed to the onset of the 'Great Recession'--and how it continues to increase the likelihood of future global financial crises