GLOBAL GOVERNANCE

Spring 2010

by Guy Verhofstadt

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There is in this day and age no single state big or rich enough to meet the global challenges. The internationalisation of our economies and financial systems along with climate change and terrorism have increasingly made policy measures by nation states inappropriate and irrelevant.

National governments are choosing more and more to join together in regional cooperation structures to tackle common problems. Unlike the great empires of the past, these regional blocs are meant to create a functioning politico-economic equilibrium based on consensus and common purpose.

If we are to adjust global governance accordingly, these regional powerhouses need to be represented in the UN Security Council and at the IMF, the World Bank and the WTO. Only in this way will we build a global system that is prepared to take decisive action on the political, economic, financial, commercial and environmental challenges facing our planet.

Integration that transcends the borders of the old nation states is the logical response to 21st century realities. This will lead us to a safer, more democratic and more prosperous world in the 21st century.

 

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
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
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