Last week the Financial Times published the obituary of Sir Andrew Crockett. This is sad news indeed. Sir Andrew, the former head of the Bank for International Settlements (BIS), was highly regarded in international monetary and financial policy circles. As the FT obituary notes, he fostered the environment of critical thinking and independence of thought at the BIS that allowed Bill White and other colleagues to raise warning flags prior to the global financial crisis.
CIGI Senior Fellow Pierre Siklos comments to The Globe and Mail on his research regarding the Bank of Canada and interest rates.
In an AFP article exploring the United States' position on reform at the IMF, CIGI Senior Fellow Bessma Momani comments that the international organization's increasing attention will cause Congress to use it as a "subject for their own domestic constituents."
CIGI-INET paper points to fault lines in international financial architecture for resolving sovereign debt crises
A new paper by a former deputy director of the International Monetary Fund’s (IMF) European Department says that fault lines in the international financial architecture for resolving sovereign debt crises mean that recent and future debt crises will remain more costly than need be.
While the Bretton Woods system of fixed exchange rates ended almost 40 years ago, remarkably, policy makers continue to be fascinated by the policy strategy that underpinned its arrangements. This paper considers the relevance of the Bretton Woods system, exploring the challenges that must be met in attempting to reform the present international monetary system and euro area policies.
This paper, co-published with the Institute for New Economic Thinking (INET), expands on a number of the ideas raised during the discussion at a CIGI-INET conference held in Waterloo, Canada, that brought together experts on sovereign debt crises. Set against the deteriorating situation in Europe, the conference reopened a question that has largely lain dormant for the past decade: is the overall approach to resolving sovereign debt crises adequate for addressing the challenges ahead?
While the EU, and the euro zone, experience a few days of quiet in the dying dog days of summer, it may be worthwhile considering what awaits decision-makers not only in Europe but — in an era of global financial markets where tremors in one part of the world spillover onto other financial markets with striking speed — for the rest of the world.
"Consider the cold facts. Canada’s exports of good and services as a share of GDP have steadily declined since they hit a high of 46 percent in 2000, falling to 29 percent a mere decade later. Trade with our most important market, the U.S., is also in decline," write Derek Burney and CIGI's Fen Hampson.
"This is an excellent collection of fourteen articles, written by specialists coming from different countries, various fields and having very diverse backgrounds: professors, diplomats, journalists, researchers, and UN officers," writes reviewer Laura-Anca Parepa