Re:“We urgently need much stronger international institutions" I'd more or less argue, in support of your thesis, that the global financial crisis, in fact, was a product of globalization - GATT/WTO liberalization of international terms of trade and services.Services includes not only IT but also what Clinton Admin pushed - under WTO - and got was international financial transactions (by push of a mause!) across national boarders. In other words, the global financial system finally superceded the concept of national-state and its inherent sovereign rights. The Asian financial crisis was a first class case of such a bissare laissez faire capitalism gone wild....Now, what will beat this financial meltdown of international finance and how? And is there a preventive policy available to avoid it in future? Strengthening of IMF/IBRD and other revlevant institutions, I fear, will NOT address the systemic core faillure of exisiting transactional system. What, in fact, will make it possible to avoid similar situations from arising - slow down process - is by enforcing statutory rules and regulations on operating financial centres - ie. Lond City - to forego their penchant for laissez faire capitalism. Preventive policy framework must include besides other things the final rejection of global derivatives (commodity) markets; hedge funds and investment banks. In other words, as long as we can't monitor and supervise these uncontrolled global transactions - by click of a mause - the financial markets will inevitably mushroom into another bubble and more.... That is the nature of the beast called *free market* capitalism. ECB must be allowed to setup transparent operating system for our financial institutions including banks that are too big to fail. And ECB must be made legally responsible to EP for its management of all financial transactions inside EU-27, thereby enforcing Euro/Single Market to be adopted by all current and future members - including Denmark.
I'd more or less argue, in support of your thesis, that the global financial crisis, in fact, was a product of globalization - GATT/WTO liberalization of international terms of trade and services.Services includes not only IT but also what Clinton Admin pushed - under WTO - and got was international financial transactions (by push of a mause!) across national boarders. In other words, the global financial system finally superceded the concept of national-state and its inherent sovereign rights. The Asian financial crisis was a first class case of such a bissare laissez faire capitalism gone wild....Now, what will beat this financial meltdown of international finance and how? And is there a preventive policy available to avoid it in future? Strengthening of IMF/IBRD and other revlevant institutions, I fear, will NOT address the systemic core faillure of exisiting transactional system. What, in fact, will make it possible to avoid similar situations from arising - slow down process - is by enforcing statutory rules and regulations on operating financial centres - ie. Lond City - to forego their penchant for laissez faire capitalism. Preventive policy framework must include besides other things the final rejection of global derivatives (commodity) markets; hedge funds and investment banks. In other words, as long as we can't monitor and supervise these uncontrolled global transactions - by click of a mause - the financial markets will inevitably mushroom into another bubble and more.... That is the nature of the beast called *free market* capitalism. ECB must be allowed to setup transparent operating system for our financial institutions including banks that are too big to fail. And ECB must be made legally responsible to EP for its management of all financial transactions inside EU-27, thereby enforcing Euro/Single Market to be adopted by all current and future members - including Denmark.
The fourteenth edition of Europe's World is out. We feel it's fair to say that few if any publications in the field of international relations and policy debate have grown as fast or widened their scope so remarkably as Europe's World. Table of contents of Issue 14.
The search is on for 'global governance' solutions to the world's economic and political problems. The trouble is, of course, that there's not much agreement across Europe or around the world on what sort of policy instruments, institutions and rules would open the way to a fairer international system serving the needs of North and South, East and West while avoiding the pitfalls that led to the global crisis. Read more
DID THE EU MISHANDLE ITS NEGOTIATIONS IN THE COP15 COPENHAGEN SUMMIT?
What do YOU think?