GLOBAL GOVERNANCE

Spring 2010

by Angel Gurría (2009)

When Canada’s Paul Martin and fellow finance ministers – including myself, as Mexico’s then Minister of Finance – set up the G20 many years ago, we had the right vision. The rapid and far-reaching globalisation of markets has to find its counterpart in closer and more effective policy coordination.

Today’s financial, economic and social crisis is confirming the truth of this, while the upgrading of the G20 to the level of heads of state and government testifies to the scale of the common challenge we face, and the need to build a stronger, cleaner and fairer world economy. International organisations like the OECD are ready to play a role in offering analysis and policy options, and in monitoring and ensuring follow-ups to G20 leaders’ policy decisions.

The G20 accounts for 85% of global GDP, and 90% of global population, and has already given a convincing demonstration of its capacities for effective crisis management. Going forward, the world needs to be put on to a new growth path, and this requires leadership as well as competence, accountability and transparency.

The G20 framework for strong, sustainable and balanced growth could give the momentum needed to usher in a period of unprecedented international co-operation. Improved co-ordination on the economic, social and environmental fronts could do much to avoid future crises and underpin a more prosperous world economy.

 

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
Daniel Daianu	G20 could turn into a global economic security body
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
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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