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From 'Washington Consensus' to 'Istanbul Decisions': Where do we go?
25/11/2009
Author : Economic Policy Research Institute (TEPAV/EPRI - Turkey)
By Güven Sak and Esen Çağlar
 
TEPAV Policy Note "From 'Washington Consensus' to 'Istanbul Decisions': Where do we go?" stated that Istanbul Decisions are of great importance with respect to both the future of the global system and to the position of Turkey in the new global system.

The Note prepared by TEPAV Director Prof. Dr. Güven Sak and Economic Policies Analyst Esen Çağlar stated Istanbul Decisions point out that the first global crisis the world witnessed has been changing permanently the operation and approach of the World Bank and the IMF.

The note said "Taking a look at the document on Istanbul Decisions presented in the IMF web site, one can observe that the term "competition", frequently seen in old documents, is now replaced with the word "cooperation" ". The note maintained:

"Establishment of a new governance structure for the IMF and other international institutions is not only a requirement driven by the lessons from 2008 crisis; it is also required to ensure the legitimacy IMF needs to carry out the new responsibility assigned by the G-20 Pittsburgh meeting decisions and Istanbul Decisions. Istanbul decisions classified under four main titles requires the modification of the governance structure of international institutions; democratization of these institutions; and making of the decision making process independent from developed countries. Istanbul Decisions prove that comprehensive and correct policy lessons have been learned from the 2008 crisis. Turkey should follow these decisions in the G-20 platform. Greater the voice of countries like Turkey; higher the legitimacy of the globalization process and IMF will be. Istanbul Decisions are highly important both for the future of the global system and for the position of Turkey in the new global system".

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