Waterloo, Canada – April 12, 2013 – The International Monetary Fund (IMF) and Financial Stability Board (FSB) need significantly improved coordination to effectively identify and flag potential crises in the global economy. This is the conclusion of new policy brief from The Centre for International Governance Innovation (CIGI) and the Balsillie School of International Affairs (BSIA).
In Coordination Critical to Ensuring the Early Warning Exercise Is Effective, CIGI Senior Fellow Bessma Momani and her co-authors examine the effectiveness, visibility and impact of the early warning exercise (EWE). The Group of Twenty (G20) established the EWE in response to the global financial crisis, as a critical mechanism for identifying systemic risks and vulnerabilities.
The authors argue that EWE suffers from “unclear goals, a lack of coordination, geographical separation, insufficient organizational capacity and ad hoc procedures.”
The authors’ policy recommendations include:
- Clarify the purpose and scope of the EWE;
- Increase the level and diversity of consultation with outside stakeholders in preparations of the EWE;
- Increase the organizational capacity of the FSB;
- Create a publication to showcase the core findings of the EWE;
- Emphasize areas of productive disagreement in the presentation of the EWE.
For more information on Coordination Critical to Ensuring the Early Warning Exercise Is Effective, including a free PDF download, visit http://www.cigionline.org/publications/2013/4/coordination-critical-ensuring-early-warning-exercise-effective.
ABOUT THE AUTHORS:
Skylar Brooks is a student in the University of Waterloo M.A. program in global governance based at the BSIA. He is also a CIGI junior fellow.
Warren Clarke is a Ph.D. candidate in the Wilfrid Laurier University program in global governance based at the BSIA.
Michael Cockburn is a student in the Wilfrid Laurier University master’s program in international public policy based at the BSIA. He is also a CIGI junior fellow.
Dustyn Lanz is a student in the University of Waterloo M.A. program in global governance based at the BSIA. He is also a CIGI junior fellow.
Bessma Momani is associate professor in the Department of Political Science at the University of Waterloo and the Balsillie School of International Affairs (BSIA). She is also a senior fellow with The Centre for International Governance Innovation (CIGI) and the Brookings Institution.
ABOUT THE SERIES:
The CIGI-BSIA Policy Brief Series presents the research findings of leading BSIA scholars, developing information and analysis, including recommendations, on policy-oriented topics that address CIGI’s four core research areas: the global economy; global security; the environment and energy; and global development.
Declan Kelly, Communications Specialist, CIGI
Tel: 519.885.2444, ext. 7356, Email: [email protected]
The Centre for International Governance Innovation (CIGI) is an independent, non-partisan think tank on international governance. Led by experienced practitioners and distinguished academics, CIGI supports research, forms networks, advances policy debate and generates ideas for multilateral governance improvements. Conducting an active agenda of research, events and publications, CIGI’s interdisciplinary work includes collaboration with policy, business and academic communities around the world. CIGI was founded in 2001 by Jim Balsillie, then co-CEO of Research In Motion (BlackBerry), and collaborates with and gratefully acknowledges support from a number of strategic partners, in particular the Government of Canada and the Government of Ontario. For more information, please visit www.cigionline.org.
The Balsillie School of International Affairs (BSIA) is an institute for advanced research, education,
and outreach on global governance. As a hub in a global network of scholars, practitioners, and students, BSIA aims to develop new solutions to humanity’s critical problems, improve global governance now and in the future, and enhance the quality of people’s lives around the world. Founded in 2007, BSIA is an equal collaboration among the Centre for International Governance Innovation (CIGI), the University of Waterloo (UW), and Wilfrid Laurier University (Laurier). For more information, please visit www.balsillieschool.ca.