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| Authors: | Peter B. Kenen, Adjunct Senior Fellow for International Economics Jeffrey R. Shafer Nigel Wicks Charles Wyplosz |
|---|
September 10, 2004
146 pages
ISBN 1898128847
$25.00
The machinery of international economic and financial cooperation is rapidly becoming obsolete. Written by a group that combines extensive practical experience and analytical sharpness, the sixth title in the Geneva Reports on the World Economy series presents an overview of how cooperation has evolved, identifies its current limitations, and advances a number of proposals.
The winds of change are powerful. The set of key players has expanded, including several emerging economic and financial giants that have long been sidelined. A decade ago, a number of today’s systematically important currencies either did not exist or were insignificant. The issues are changing as globalization calls for global answers in many old and new areas. The set of policies has also evolved. We now live in a world of low inflation and integrated financial markets where monetary policies are mostly dedicated to domestic concerns, fiscal policies are highly constrained, and financial regulation and supervision are becoming ever more sophisticated
Cooperation arrangements have been driven by pragmatism and effectiveness. They have worked reasonably well for a long while, but the need to combine these considerations with legitimacy, representativeness, and accountability is now growing. This is a challenging task, and that is why there exist only few formal institutions and many informal arrangements. This challenge is vividly illustrated by discontent with the governance of the IMF and growing resistance to the agenda-setting role of the G7, which is impairing its effectiveness.
The Report makes the following recommendations:
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