The annual CIGI Survey of Progress in International Economic Governance assesses progress in four dimensions of international economic governance: macroeconomic and financial cooperation; cooperation on financial regulation; cooperation on trade; and cooperation on climate change. Governance related to these dimensions is scored on the following progress scale: 0%–19% represents “major regression”; 20%–39% represents “some regression”; 40%–59% indicates “minimal progress”; 60%–79% characterizes progress; and 80%–100% represents “major progress.“ Recognizing the difficulty of making objective judgments given the complexity of the issues, the results are offered as a range of subjective opinions from CIGI experts with diverse backgrounds.
In this year’s survey, CIGI’s experts conclude that international economic governance arrangements continue to show a modest level of regression, placing the average score across all four issue areas at 38%. The 2014 survey indicates a slight improvement on last year’s result, which had an average score of 30%. The experts’ assessment of progress was most promising in the area of financial regulation with an average score of 45%, whereas the issue with the least amount of progress was climate change governance at 24%. In the areas of macroeconomic and financial cooperation and cooperation on trade, the average score was 38% for each. This trend is a cause for concern.
The major theme that emerged through this year’s survey responses was the inability of the international system to reach a breakthrough on long-standing issues of systemic importance. CIGI experts highlighted the continuing lack of progress on key areas of reform and on major international agreements, including: sovereign debt restructuring, International Monetary Fund quota reforms, the World Trade Organization’s Bali Accord and an international agreement to mitigate greenhouse gas emissions. The failure to build momentum and foster progress on these key issues is troubling. Focused and sustained attention on these issues is important for facilitating progress in international economic governance.