CIGI Commentaries
Toward a G20 Global Green Growth Strategy
A key challenge at Los Cabos will be articulating a vision for green growth that is focused and feasible, yet integrates with other economic, development and multilateral governance reform initiatives already undertaken. The danger is that otherwise, especially at Rio+20 later the same week, green growth will mean everything and nothing — wish lists will prevail over strategic leadership. By putting energy and economics at the centre of the definition of green growth, the G20 could make a major contribution to the global understanding of what green growth means.
Series: Perspectives on the G20: The Los Cabos Summit
As leaders of the G20 nations prepare for their summit at Los Cabos, Mexico June 18-19, CIGI experts present their perspectives and policy analysis on the most critical issues, such as strengthening the architecture of the global financial system, food security, climate change, green growth, global imbalances, and employment and growth.
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Wednesday, 23 May 2012Toward a G20 Global Green Growth Strategy
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Tuesday, 22 May 2012Responsibility to Protect: A Vision for the Financial System
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Tuesday, 22 May 2012A Green Economy for the Whole G20
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Friday, 18 May 2012Financial Stability Board: The Arduous Road to Mission Accomplished
Responsibility to Protect: A Vision for the Financial System
On the surface, the global push to implement measures to stem future systemic crises like the one that first gripped the global economy in 2007 has made considerable progress. In a letter released on April 20, 2012, Bank of Canada Governor and Chair of the Financial Stability Board (FSB) Mark Carney summarizes the progress made since the November 2011 Cannes summit. The letter emphasizes the fact that agreement has been reached on general principles to strengthen the resilience of the global financial system, to properly regulate and supervise systemically important financial institutions, and develop the necessary oversight of the shadow banking system. Nevertheless, the continuing crisis in Europe, the recurring worries over whether existing financial “firewalls” are large enough to forestall another global financial crisis and the weakness of the global recovery, suggest that, almost five years since the start of the “global” financial crisis, a safer and stronger global financial system has not yet been achieved.
A Green Economy for the Whole G20
When the G20 meets in June, many of its members will still be looking for a way out of the economic crisis of 2008. After four years of economic uncertainty, high unemployment and dismal prospects, industrialized countries in particular also find themselves divided over what strategies to try now. More austerity and belt-tightening? Another shot of stimulus? Whichever path they choose, they should not ignore the opportunity to move towards a green economy.
Financial Stability Board: The Arduous Road to Mission Accomplished
Since the international financial crisis of 2008, the G20 has devoted extensive attention to the improvement of international financial regulatory standards. Having agreed on a wide range of new standards, the G20 is now facing growing questions about whether these will actually be implemented at the national level in a consistent manner. In addition to recommitting themselves to adopt these standards, the G20 leaders should use the 2012 Mexican summit to strengthen the capacity of the Financial Stability Board (FSB) to address this issue.
Fundamentals Lost: Failures of Policies and Governance to Promote Economic Growth
As we approach the Los Cabos summit, it is easy to be downbeat about the state of the global economy. The G20 goals of a full recovery from the Great Recession and putting the global economy on a sustainable growth path, as outlined in the Cannes Action Plan for Growth and Jobs, are not only far from realization, but they have also suffered serious setbacks due to failures of policy and governance.
Los Cabos and Climate Change: The Art of the Possible
Advocates all want to get their pet topic discussed at the G20. Economic and financial crisis issues will dominate. Employment and commodity price volatility are next in line. Development, corruption, tax havens and anti-money laundering, drug trafficking and transnational crime, protecting the marine environment and resuscitating trade negotiations will all compete for attention. Climate change will receive very little agenda time.
The Evolving Role of the G20
In considering the evolving role of the G20, it is worth reflecting upon the factors that shaped the group’s original mandate. As the first decade of the new century progressed, it became increasingly clear that the international balance of power had shifted, but the institutional framework, which sought to manage the global economy, had not adapted to reflect this new reality. The financial crisis of 2008 forced the leading economic powers (notably the US, where the crisis originated) to confront the need to integrate the emerging economies more effectively into international economic decision making.
Russia as a Re-Emerging Donor: Catching Up in Africa
Does it make sense to speak of Russia as an “emerging donor”? At first glance — not really.
Refuting Hegel? Striking the Right Balance between Financing and Adjustment in International Adjustment
In 2008-2009, when confronted by the gravest global economic crisis in 80 years, G20 governments and their central banks responded promptly and appropriately by providing ample liquidity to financial markets, avoiding pro-cyclical fiscal policies and resisting protectionist trade measures that would invite retaliation.