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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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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.

China’s G-20 Moment

Wednesday, 4 February 2015
article
The world caught a break in 2009. The G-20, an assembly of the world’s largest developed and major emerging economies – which had thus far failed to make a serious mark on the world stage – was meeting in Pittsburgh to formulate a response to the global financial crisis. US President Barack Obama, having gotten the message that the G-7 could no longer oversee the global economy on its own, led a summit that made the G-20 the primary body for coordinating global economic policy. It was a highpoint for American leadership.

Completing the G20's Program to Reform Global Financial Regulation

Wednesday, 4 February 2015
publication
The measures regulators have largely agreed on for a strengthened and internationally harmonized financial regulatory regime, which were endorsed at the 2014 G20 leaders summit in Brisbane, are a major step toward achieving a robust and less crisis-prone global financial system. There are, however, a number of specific measures that need to receive closer attention in order for the G20 leaders to declare their reform program a success. This paper discusses what policy makers and regulators should focus on in 2015 and why closer international cooperation in implementing regulatory reforms will be essential for success.

When Central Banks Surprise: Why It Is Important and What Policy Makers Need to Do about It

Wednesday, 28 January 2015
publication
Drawing on CIGI-sponsored research, this policy brief discusses the potential effects of unexpected US news events on global capital flows. It then identifies the countries that are most vulnerable to global financial volatility and discusses the role of the Group of Twenty in facilitating a stronger and more resilient global economy.

A Disappointing New Year!

Thursday, 8 January 2015
publication
One word describes the global economy in 2014: disappointment. In October, the International Monetary Fund (IMF) cut its outlook for global growth to 3.3 percent, extending a pattern of missed forecasts that dates to 2011. The IMF foresees better days in the new year. That is possible, but the cautious optimism should not be taken for granted. The headwinds that impeded progress in 2014 are still blowing hard.

G20 final communiqué reveals robust commitments to boost world growth, but weak accountability measures that threaten to haunt its relevancy: CIGI experts

Tuesday, 18 November 2014
article
Waterloo, Canada — The final communiqué from the 2014 G20 Summit contains concrete ideas for advancing global economic policy, but the challenges of effective reporting, monitoring and ongoing communication lay ahead, according to new reports from The Centre for International Governance Innovation (CIGI).

The Battle of the Banks

Tuesday, 18 November 2014
publication
There are many takeaways from the 2014 G20 summit meetings in Brisbane, Australia, but one that stands out is the battle for creating, funding and maintaining development banks that can undertake large infrastructure financing. One of the pillars of the Brisbane pact on growth and development is the G20 leaders’ nod to the importance of infrastructure and investment as the key means of attaining both the promised two percent additional GDP growth across the globe, and the goal of creating quality jobs for youth, women and the disadvantaged.
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