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.
To take a snapshot of the main areas of agreement and disagreement,
Europe's World
has consulted some 50 leading figures as contributors to this issue's
special section on global governance. The opinions they put forward –
some in the form of full-length articles, others in shorter comments
and others still in their replies to an array of questions – show that
while there is consensus in some areas there are strong disagreements
that stand in the way of a common European position on global
governance, let alone a unified approach amongst the international
community.
On the principle of global governance as a credible and effective mechanism, WTO chief
Pascal Lamy
opens our special section with a warning that coherence and credibility
will be major challenges. But he agrees with British expert
Iain Begg
that Europe's half-century of progressive and enlightened integration
gives the EU the experience and authority that could enable Europeans
to shape much of the form and content of global governance.
But European consensus on where we go from here is far from certain. About half of the contributors to the special
Europe's World
section constituted a panel representing very different areas of
expertise and nationalities who were asked their views on the degree
and urgency of reform to existing international institutions –
predominantly the IMF, World Bank and the UN and its agencies – and
their answers revealed some wide differences of approach.
More
than four-fifths of the panellists want IMF reform, for example, with
two-thirds wanting that immediately. But only a quarter or so think the
nature of its reform should be 'radical'. The picture was broadly
similar for the World Bank and the UN Security Council, and also for
the G20 where 70% of our panellists wanted to see reform, but with only
17% envisaging sweeping changes of one sort or another.
The
panel was also asked about some of the new global governance mechanisms
that have been mooted. Almost four-fifths backed the creation of an
international climate change agency, and there were small majorities of
58% and 62% respectively for a carbon tax global coordination authority
and an international financial derivatives and hedge funds authority.
The
section on global governance highlights different strands of thinking
on what is perhaps the most important policy issue of today. But it’s
also a microcosm of the efforts of
Europe’s World to create healthy and constructive debate on the many policy challenges that face us in Europe and elsewhere.