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G20: global governance « Previous | |Next »
November 15, 2008

Will there be an agreement at the G20 for internationally co-ordinated tax cuts, public infrastructure projects and other measures to stave off a severe global recession? Will the Bush administration successfully resist the push by European governments for tighter regulation of world finance? No doubt there will be an agreement to meet again to discuss the crisis of governance.

BrookesPG20.jpg Peter Brookes

If recent decades have been dominated by western industrialised nations grouped together under the banner of the Group of Seven, then the summit, this weekend, billed as G20, marks a significant shift. That shift should see China, India and Brazil now have a place at the table and a much greater say in global economic governance.

Presumably, if the G20 is moving towards a new era of international co-operation aimed at preventing a repeat of the financial crisis that has engulfed the global economy, then the first step would need to be bring together fragmented national regulation of some of the world's biggest banks, whose business practices contributed to the financial meltdown. As there is sharp disagreements about the scale and the role of any new international regulatory organisation, there may be enough common ground to begin to remake the financial architecture and establish "early warning systems" that could head off future crises. Presumably the IMF would form part of the "early warning system".

The Bush administration continues to resist moves to strengthen international regulation of the financial system, preferring instead to talk of bolstering national regulatory structures.

| Posted by Gary Sauer-Thompson at 11:12 AM | | Comments (3)
Comments

Comments

interesting image. Looks familiar.

The Guardian editorial says:

Gordon Brown's agenda for a new financial architecture - a bigger, better IMF; a 'college' of global regulators - is part of a long-term solution. But neither Mr Brown, nor anyone else at the summit, has a plan to tame the wild capital flows that have distorted the global system in the last few years.

It adds that Gordon Brown is mainly preoccupied with the need for coordinated international fiscal measures to match the ones he is planning at home. He wants to spend his way out of the recession. But if other governments do not do the same - and so global demand remains weak - his plan will fail.

Nan,
the cartoon is a reworking of Washington Crosses the Delaware River during the American Revolutionary War against the British who used German troops.