OVERCOMING THE CRISIS

Summer 2009

by Franz Fischler

Sustainability and global justice must form the central pillars of a new approach to global governance. Financial markets and the international economy need considerably more transparency and clearer rules, but a noticeable “change“ in our collective social consciousness will also be needed to make the economy sustainable. In a globalised world, common problems like climate change, hunger and unequal allocation of goods can only be solved by common actions. The market economy, social justice and a workable interaction between the environment and scarce natural resources are equally essential. But first a change in the public consciousness is essential.

The G20 must manage to regulate the financial markets, close down the tax havens and make short-term speculative transactions less profitable by introducing a transaction levy. We also need an agreement in Copenhagen at the end of this year on a just climate policy with a worldwide CO2 market. Trade rules need to be strengthened and made fairer to developing countries if they are to catch up with the developed world. They therefore deserve temporary social und differential treatment in trade, and much greater financial support to combat hunger and make their economies grow in a more sustainable way than the industrial countries.

Further articles in this  OVERCOMING THE CRISIS section
Edmond Alphandéry	"It's up to Europe to set a global example of concertation"
Jerzy Buzek	"Let's return to the grassroots and base growth on savings and productivity"
Mark Eyskens	“My 10 point rulebook for the globalised economy”
Franz Fischler	“What we need first and foremost is a change in public consciousness”
Nicole Gnesotto	"We need a new global political deal now the West is no longer master of the world"
Béla Kádár	“To save the market economy and democracy, governance has to step in where corporations ruled and markets failed”
Noëlle Lenoir	"My five courses of action"
John Monks	“The financial markets are where the re-building must start”
Poul Nyrup Rasmussen	"The EU must pull its weight and demonstrate real leadership"
Klaus Regling	“Better regulation and supervision, and the greater legitimacy of international financial institutions”
Onno Ruding	“Implement de Larosière and then consider further reform”
André Sapir	"Restoring the health of banking is no longer a financial problem but a political one"
Tøger Seidenfaden	“We urgently need much stronger international institutions"
Constantine Simitis	“Fiscal stimuli, yes. But social goals are also crucial”
Loukas Tsoukalis	"To be a major player on the new global architecture, Europe must end its IMF over-representation"
Alvaro de Vasconcelos	"Now it's the West that needs the Rest"
George Vassiliou	"How to beat this crisis and head-off another"
Nicolas Véron	“Institutional innovation, not streamlining, is today’s priority”
Stephen Wall	“We need a eurozone regulatory structure, and if Britain wants a role it must manage its eurozone entry”
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