The final session examined the lasting effects of the crisis on global economic and strategic leadership. It drew on previous sessions by considering the connection between global economic size and the leadership needed to resolve global collection action problems.
The crisis has tarnished the cachet of leadership enjoyed by the advanced economies that have dominated global institutions and international decision making for the past half-century. This is evident in a number of areas, including multilateral surveillance; the issue of global adjustment, in which each player thinks the other is the problem; efforts to provide the resources for the provision of critical public goods; and reforms to the IFIs.
The question of global leadership will not be resolved at CIGI '12, but it is hoped that the discussions will identify pragmatic, concrete proposals that can begin to close the gaps in global governance revealed by the crisis.
Chair: Paul Heinbecker, CIGI
- Lourdes Aranda, Vice Minister for Foreign Affairs; G20 Sherpa, Ministry of Foreign Affairs, Mexico
- Michael Callaghan, frm. Australian Treasury
- Cyrus Rustomjee, Commonwealth Secretariat
- Xue Lan, Tsinghua University