Tuesday, 10 March 2015
By UNGA resolution 68/304, the Ad Hoc Committee on Sovereign Debt Restructuring Processes was established, with the task of holding three meetings and reporting proposals back to the UNGA in its 69th session. This commentary reports on the committee's first working session, held in New York City from February 3 to 5, 2015.
Tuesday, 3 March 2015
Due to the 2008-2009 global financial crisis, the Chinese government began to promote renminbi (RMB) internationalization in order to raise its international status, decrease reliance on the US dollar and advance domestic structural reform. This internationalization has achieved progress not only in cross-border trade settlement, but also in the offshore RMB markets. However, the rampant cross-border arbitrage and the relatively slow development of RMB invoicing compared to RMB settlement are becoming increasingly problematic.
Changing Global Financial Governance: International Financial Standards and Emerging Economies since the Global Financial Crisis
Friday, 27 February 2015
One of the most remarkable changes in global financial governance since the 2008-2009 crisis has been the primary forums that establish international standards extending their memberships to include emerging economies. There are two disparate perspectives in the literature on the impact of this change on international financial regulation: the weakening cooperation view, which sees an attenuation of international cooperation due to this change, and the enduring status quo view, which sees the domination of global financial governance by advanced economies persisting even despite it. This paper presents an alternative — more positive — perspective.
Friday, 20 February 2015
The Think-20 (T20) is poised to cement its place as a relevant platform for the exchange of ideas about the G20 in 2015 and beyond. The Turkish presidency is well placed to help solidify this position.
Friday, 20 February 2015
Over-the-counter (OTC) derivatives played an important role in the buildup of systemic risk in financial markets before 2007 and in spreading volatility throughout global financial markets during the crisis. In recognition of the financial and economic benefits of derivatives products, the G20 moved to regulate the use of OTC derivatives. Attention has been drawn to the detrimental effects of the United States and the European Union to coordinate OTC reform, but this overlooks an important aspect of the post-crisis process: the exemption of non-financial operators from OTC derivative regulatory requirements.
Wednesday, 4 February 2015
The world caught a break in 2009. The G-20, an assembly of the world’s largest developed and major emerging economies – which had thus far failed to make a serious mark on the world stage – was meeting in Pittsburgh to formulate a response to the global financial crisis. US President Barack Obama, having gotten the message that the G-7 could no longer oversee the global economy on its own, led a summit that made the G-20 the primary body for coordinating global economic policy. It was a highpoint for American leadership.
Monday, 12 January 2015
Finance ministers from the Group of 20 are scheduled to gather for the first time in 2015 early next month in Istanbul. It will be an important meeting for them. They will be showing the world whether they should be taken seriously.
Monday, 17 November 2014
Like many others, I was down on the Group of 20 on the eve of the Brisbane summit. After a few pleasant surprises on the weekend, the group has earned a reprieve from questions about its relevancy. However, leaders did less than they could have on trade and economic growth, setting up 2015 as a defining year in the G20’s ability to deliver.
Sunday, 16 November 2014
The G20 meetings in Brisbane included discussions on strengthening the tax systems and the final communique included the commitment that "profits should be taxed where economic activities deriving the profits are performed and where value is created".
Saturday, 15 November 2014
"The principle item at the G20 is to talk about how to boost economic growth by two percent, an additional two percent, and obviously China has a leading role to play, whether that includes things like domestic spending on infrastructure which is an important item that is part of how to do this two percent GDP growth rate increase," says Bessma Momani, Senior Fellow at the Centre for International Governance Innovation.