GLOBAL GOVERNANCE

Spring 2010

by Daniel Daianu

The G20 is the right instrument for our times, as it fits the extraordinary redistribution of economic power we are seeing in the world. And G20 could also turn into a global economic security body as that would enable it to hook up with the UN, where India and Brazil should become permanent members of the Security Council.

A re-suscitated IMF should usher in a re-working of principles and decision-making, as they affect international financial institutions (IFIs), and that would certainly be in tune with today’s increasingly multi-polar world and the “wake up call” that is the current economic crisis. The IFIs should for their part return to John Maynard Keynes' vision of the Bretton Woods rules he helped create in 1944 that the inherent instabilities of financial markets must be reined in if we are to foster economic growth and international trade.

The policy mismanagement that helped create global imbalances, along with market failures of global significance, have to be tackled by a common global governance structure. As to the E.U. it needs to be much more cohesive internationally if it is to be an equal partner of the U.S. and China in the daunting challenge of dealing with climate change and other global threats.

 

Further articles in this GLOBAL GOVERNANCE section
Pascal Lamy	Global Governance is a challenge for democracy (but an EU opportunity)
Iain Begg	Global governance could take a leaf from the EU's book
Leszek Balcerowicz	Worldwide reform means engaging public opinion first
Robert Hutchings	Why U.S.-EU economic co-operation holds the key to global governance
Paul Tucker	Ending boom and bust: The case for macroprudential instruments
The Europe's World panel on global governance
C. Fred Bergsten	The global crisis has accelerated governance reform
Kemal Dervis	G20 should increase the legitimacy of the international institutions
Jirí Dienstbier	Nation states cannot meet the challenges of deregulated globalisation
William Drozdiak	An alternative is regional institutions to act in the service of global governance
Monica Frassoni	The only global governance model that would work is federal
Angel Gurría	G20 could give the momentum needed to usher in unprecedented international co-operation
Danuta Hübner	The dynamics of crisis have fundamentally altered the global financial system
Wolfgang Ischinger	We need fundamental reform of the international institutions
Sandra Kalniete	Global governance requires predictable and fair funding
Sergei A. Karaganov	Despite its decline, Europe will be a shining example of how the world should be governed
Kishore Mahbubani	Europe provides both the problem and the solution to reforming global governance
Reza Moghadam	We at the IMF have already begun the process of reconciling effectiveness and legitimacy
Jean Pisani-Ferry	After a brilliant start, global co-operation and governance may disappoint in the years ahead
Hans-Gert Pöttering	The European Parliament must play a central role if we want a democratic model of global governance
Jiang Shixue	China would never accept the idea of a G2
Danilo Türk	We need global institutions capable of making international co-operation inclusive
Guy Verhofstadt	Integration that transcends borders is the logical response to 21st century realities
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