G20, G8 and Economic Governance

 

In this new video blog, Andrew F. Cooper interviews Eric Helleiner, CIGI Chair in International Governance, on the topic of his Briefing Paper, “From London to L’Aquila: Building a Bridge between the G20 and the G8” co-authored with Paola Subacchi (Chatham House and CIGI, June 2009).  Here, Dr Helleiner emphasizes the need for long-term vision and coordinated responses at a time when much energy of world leaders and state officials has been focused on crisis management.

The G8 has an important role to play in setting the global economic agenda, but needs to involve wider casts of countries – geographically and economically – to understand the deepening impact of the economic crisis. With its inclusion of leading southern economies, such as China and India, the G20 has served as a more representative group. In the end, it is the international financial institutions that will guide and implement long-term measures.

Towards L’Aquila, the briefing paper urges the G8 to continue in the spirit of the G20 London Summit. The authors recommend that the G8 spell out and reach agreement on how to implement coordinated macroeconomic policy responses particularly vis-à-vis global imbalances. In addition, the impact of bailout plans and stimulus packages on neighbouring economies and trading partners should be monitored and mitigated. Fundamentally, the authors call on the G8 to demonstrate political will for the reform of the IMF’s surveillance role in anticipating and mitigating future economic conflicts.
 

Disclaimer: This blog is solely intended to spur discussion, while the opinions expressed are those of the author(s) and do not necessarily reflect the views of CIGI, Chatham House or their respective Boards of Directors.
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One Response to G20, G8 and Economic Governance

  1. I think it is very important for us to view this issue objectively especially in realizing that the g8 and the g20 are the wrong places for this kind of discussion. Over the last week, a very encouraging document from the UN on the international impact of the financial crisis on development based on the recommendations of the stiglitz report has clearly shown that the UN is the only appropriate place for discussions such as this. We should probably not continue to encourage tyrannical relationships like the g8 and the g20

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