Speaker: Stewart M. Patrick Presider: David E. Sanger Panelists: Eli Whitney Debevoise, Arvind Subramanian, and Antoine W. van Agtmael
On May 19, 2010, the International Institutions and Global Governance (IIGG) program held a multisession, half-day symposium on the implications of rising powers for global governance. This event was made possible through generous support from the Robina Foundation.
Authors: Jagdish N. Bhagwati and Arvind Panagariya The Times of India
Jagdish N. Bhagwati and Arvind Panagariya argue that it is a mistake for India to join the United States in "China bashing" over the value of the renminbi. With its savings rate high and rising, India too could run into the Chinese "problem" of a current account surplus.
In this op-ed, Stephen Fidler and Marcus Walker argue that responses to sovereign debt crises over the past thirty years have been swift and effective, comparing the reactions to crisis in Turkey, Iceland, and Ukraine to the international community's mishandling of the ongoing Greek crisis.
Benn Steil's April column in Dow Jones' Financial News argues that blaming the euro for Greece's woes is misguided. Greece has been in constant trouble with foreign creditors since its independence in 1832, even under the reign of the "sovereign" drachma. Since Greece's debt was predominantly euro-denominated even before it joined the eurozone, staying outside it would only have brought the crisis to a head earlier - as with Iceland.
Mohamed El-Erian discusses how the crisis on Wall street will affect the global financial system, whether we can expect financial stability in the near future, and if there are any policy measures that can be taken to insulate the consumer from this crisis.
Benn Steil's January column in Dow Jones' Financial News argues that the monetary forces behind the crashes of 1929 and 2008 were very similar. In the 1920s, as in the mid-2000s, Fed officials mistakenly thought that they had found, in the practice of trying to stabilize a price index, the holy grail of monetary policy. In consequence, central bankers are once again grasping for a new orthodoxy.
Joshua Zumbrun writes that despite Federal Reserve Chairman Ben Bernanke's early mistakes, the Senate Financial Committee is rewarding the central banker with a new term. Zumbrun contends that the committee owes Bernanke for doing their "dirty work."