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

Panellists:

  • 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
Program
Over the past five years, the global financial crisis has dominated international policy discussions. This August marks the fifth anniversary of its outbreak. The starting point for the CIGI ’12 conference, then, is the recognition that the legacy of the global financial crisis is felt across a spectrum of issues. These issues span the short-term outlook for global growth, global financial regulation and strengthening the Financial Stability Board (FSB); the challenges of poverty reduction and sustainable development; and the transition in global leadership, as, on the one hand, US economic and strategic leadership is eroded by the legacy of the financial crisis and political gridlock over public finances, while, on the other hand, China and other emerging economies continue their economic and geo-political rise. CIGI ’12 will focus on making concrete policy recommendations to build the global governance arrangements that are needed to respond effectively to the legacy of the crisis.
The opinions expressed in this article/multimedia are those of the author(s) and do not necessarily reflect the views of CIGI or its Board of Directors.