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G20

G20 Finance Ministers and Central Bank Governors meet in Sydney, Australia, in February 2014 (AP Photo/Jason Reed).

The Group of Twenty (G20) research theme focuses on addressing gaps in global governance; discussing policy issues critical to Canada’s position and role in the global economy; penetrating policy circles internationally; and gaining leverage through strategic partnerships. More broadly, the G20 is a premier forum for Canada to regularly engage with global leaders where it can contribute to its longstanding efforts towards a more equitable governance framework. CIGI’s G20 research cuts across several program themes, due to the wide scope of the G20 itself.

Acknowledged as a central area of CIGI’s expertise, the G20 research stream in its early days is credited for having provided the analytical underpinning for the elevation of the G20 to the leaders’ level. CIGI convened its first G20-focused group in December 2009, when it helped lay the groundwork for the forum to expand from national finance ministers to leaders. Since then, CIGI has proactively engaged with the G20 rotating chairs with the aim to influence their summit agendas through the provision of high-level, policy-relevant advice. 

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IMF Spring Meetings in Washington: CIGI global economy experts available for interview

Friday, 10 April 2015
article
Waterloo, Canada – The Global Economy Program team of the Centre for International Governance Innovation (CIGI) is onsite for the IMF Spring Meeting events in Washington from April 12-19, with experts available to media for interviews and commentary.

International Regulatory Cooperation on the Resolution of Financial Institutions: Where Does India Stand?

Wednesday, 8 April 2015
publication
Renuka Sane
The 2008 financial crisis led to the renewed realization that close linkages between financial firms can also cause large-scale disruption when financial firms fail. This paper provides a brief description of the principles of cross-border resolution that have emerged since 2008 and an overview of developments on resolution of financial firms in India. The policy choices of India may be reflective of the thinking in a large number of emerging markets, which lag considerably behind more developed markets.

Emerging Countries and Basel III: Why Is Engagement Still Low?

Friday, 13 March 2015
publication
Andrew Walter
In response to the recent global financial crisis, membership of key institutions for international standard setting, notably the Basel Committee on Banking Supervision (BCBS), expanded to include emerging countries. However, with some exceptions, official and private sector actors from these countries still exhibit low levels of engagement with international financial standard setting. This is due to a combination of related factors: an elite network of developed country regulators that continue to set the BCBS agenda; a relative paucity of regulatory knowledge and resources in emerging countries; and low mobilization by emerging country private actors on BCBS proposals. This paper recommends a series of measures to improve emerging country engagement.

Emerging Countries and Implementation: Brazil’s Experience with Basel’s Regulatory Consistency Assessment Programme

Tuesday, 10 March 2015
publication
Fernanda Martins Bandeira
In 2012, the Basel Committee on Banking Supervision opened its membership to key emerging markets to encourage international participation in the Basel rule-making process and commitment to implementation of its standards. This paper examines recent Brazilian experience and brings to light some of the gaps that must be filled in order to serve the interests of a broader range of actors in the international regulatory landscape.

Internationalization of the Renminbi: Developments, Problems and Influences

Tuesday, 3 March 2015
publication
Ming Zhang
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.

New Thinking and the New G20

Friday, 27 February 2015
collected_publication_series
These papers are an output of a project that aims to promote policy and institutional innovation in global economic governance in two key areas: governance of international monetary and financial relations and international collaboration in financial regulation. With authors from eight countries, the 11 papers in this series will add to existing knowledge and offer original recommendations for international policy cooperation and institutional innovation.

Changing Global Financial Governance: International Financial Standards and Emerging Economies since the Global Financial Crisis

Friday, 27 February 2015
publication
Hyoung-kyu Chey
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.

The Risk of OTC Derivatives: Canadian Lessons for Europe and the G20

Friday, 20 February 2015
publication
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.

G20 Summitry | Inside the Issues 5.14

Thursday, 12 February 2015
video
"We don't need new commitments [from the G20], we need to implement what has already been committed." In this episode, CIGI Distinguished Fellow Thomas A. Bernes joins Senior Fellow and co-host Andrew Thompson for a discussion on G20 summitry.

CIGI co-hosts Think-20 Launch in Turkey; Global economy experts available for comment at G20 events this week

Monday, 9 February 2015
article
Waterloo, Canada — February 9, 2014 — Together with the Chair of the Think-20 during Turkey’s G20 Presidency in 2015, the Economic Policy Research Foundation of Turkey (TEPAV), Canadian think tank the Centre for International Governance Innovation (CIGI) is pleased to jointly host the launch event for the Think-20, February 10-11 in Istanbul, Turkey. As the inauguration meeting kicks off Tuesday, CIGI experts are on the ground participating in various sessions.
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