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G20 – Hvad burde verdens førende lande sige og gøre?
TIME: Friday, 2 December, 13.00-15.30
VENUE: Danish Institute for International Studies, Main Auditorium, Strandgade 71, ground floor, Christianshavn, 1401 Copenhagen K
The G20 leaders boldly designated themselves as ‘the premier global economic forum’. Now, almost three years later, they claim three major successes in steering the world economy:
TIME: Friday, 2 December, 13.00-15.30
VENUE: Danish Institute for International Studies, Main Auditorium, Strandgade 71, ground floor, Christianshavn, 1401 Copenhagen K
The G20 leaders boldly designated themselves as ‘the premier global economic forum’. Now, almost three years later, they claim three major successes in steering the world economy:
1) Financial regulation (especially the Basel 3 agreement),
2) Macroeconomic policy coordination (through the “framework for strong, sustainable and balanced growth”), and
3) Governance reforms of the Bretton Woods organizations.
Their claims, however, barely survive scrutiny.
FIRST, the Basel 3 agreement amounts to a “mouse”, in the description of Martin Wolf of the Financial Times; and 20 of the world’s foremost finance professors protested in an open letter that Basel 3 is “far from sufficient to protect the system from recurring crises”.
SECOND, while the G20 claims “great progress” in dealing with global imbalances, in fact “the G20’s progress in reducing global imbalances inches forward at glacial speed”, in the words of Chris Giles, also of the Financial Times.
THIRDLY, the results of the governance reforms of the Bretton Woods organizations are so small in scale and scope that they too are better described as a mouse, not the “dramatic improvement” of global governance claimed by the G20.
In short, to claim these as successes and conclude that the G20 has proved itself to be an effective apex global economic governance body is as far from plausibility as Greece is from solvency.
The Cannes summit in November 2011 was only the latest in a line of summits since the one in London in April 2009 which have scarcely advanced from platitude to policy.
On 1 December 2011, the Mexican government takes over the presidency of the G20, culminating in the June 2012 summit in Los Cabos.
We are delighted that two distinguished international scholars – Heiner Flassbeck and Robert Wade – have accepted our invitation to look beyond newspaper headlines and ask a fundamental question:
What are the key issues we should expect a global economic governance body like the G20 to address?
PROGRAMME:
13.00-13.10: Introduction; Jakob Vestergaard, Senior Researcher, DIIS
13.10-13.50: G20 and Capital Flows: How to Turn a Vital Topic into a No-Brainer; Heiner Flassbeck, Director of the Division of Globalization and Development Strategies, UNCTAD
13.50-14.10: Coffee Break
14.10-14.50: What the G20 Should be Promoting: Towards Decent Capitalism; Robert Wade, Professor of Political Economy, London School of Economics and Political Science
14.50-15.30: Questions and Discussion
The seminar will be held in English.
Participation is free of charge, but registration is required. Please use the online registration form from the website no later than Thursday, 1 December 2011 at 12.00 noon.
Please await confirmation by e-mail from DIIS for participation.
