In Politico an interesting article on the rol of the US in the global financial system was published: Global financial rule-makers risk losing relevance if Trump pulls back entirely. It starts with a description of the current system:

For decades, global finance has operated on a peculiar kind of authority — one without armies, enforcement powers, or a democratic mandate.
Instead, the officials who govern the sprawling, interconnected financial system rely on something more intangible: trust, consensus, and the quiet credibility of technocracy.

This description shows that bodies (“standard-setters” or “watchdogs”) like FATF, FSB and the Basel Committee operate without adequate oversight. It is not necessarily the case that these unofficial world governments always do “the right thing”, as can be inferred from the negative consequences for citizens of FATF regulations (combating money laundering and terrorist financing).

The article ends with the consequences of disengagement of the US:

The difference would mainly be felt in a future financial crisis, Beck said. Without the U.S., the world’s regulators would be far less effective at coordinating and acting quickly — both actions which rely on trust and good relationships — to contain a crisis.