The Centre for Economic Policy Research (CEPR) and the Centre for International Governance Innovation (CIGI) will host a discussion forum to mark the release of CIGI Essays on International Finance Volume 4, The New Global Safety Net: Struggling for Coherent Governance in a Multipolar System by Beatrice Weder di Mauro and Jeromin Zettelmeyer.
Before the financial crisis the global safety net consisted mostly of a single, imposing, though somewhat dated, building: the IMF.
The last years, like emerging markets cityscapes, have witnessed a construction boom of sprawling suburbs and towering high rises: there are regional financing arrangements (RFAs), standing and limited value bilateral swap lines, contingent reserves and ever increasing levels of self-insurance through foreign reserves.
The new skyline certainly looks impressive. The question is whether this complex architecture is more solid and capable of withstanding large shocks. An even more important question is whether the governance within this crowded complex is capable of preventing such “shocks” – which more often than not, are the result of past policy mistakes –– and if not, how it can be fixed.
The session will feature a brief presentation from Jeromin Zettelmeyer, followed by discussion with Ricardo Reis chaired by Domenico Lombardi, Director of CIGI's Global Economy Program.
RSVPs should be sent to Chloe Smith at [email protected].
Domenico Lombardi is the former director of the Global Economy Program and a former member of the executive management committee at the Centre for International Governance Innovation (CIGI). He serves on the advisory boards of the Peterson Institute for International Economics and the Bretton Woods Committee in Washington, and is a member of the Steering Committee of the Asian Economic Panel.