A NEW GLOBAL GOVERNANCE FRAMEWORK FOR THE WORLD IN CRISIS
A NEW GLOBAL GOVERNANCE FRAMEWORK FOR THE WORLD IN CRISIS

Author(s): Miroslava Filipović
Subject(s): Economy, National Economy, Supranational / Global Economy
Published by: ASERS Publishing
Keywords: crisis; global economy; G20; international cooperation; international regulation
Summary/Abstract: The current financial crisis saw numerous organizations’ plans to handle international finance and create conditions for strong, sustainable and balanced growth, with G20 at the centre point of this process. The crisis spill-over has clearly demonstrated a rising level of interdependence in the world economy. This chapter aims at evaluating a new global regulatory scheme since the 2008 Washington summit of G20, through reviewing shifts in political responses and changing agendas. Despite of a certain level of success in deliberating and direction setting on issues of global concern, the implementation of the summits’ conclusions has proved uneven, pointing to significant differences of the major actors’ agendas and priorities. From that aspect, the global economy still has to wait for new regulatory arrangements to emerge. Even though, the G20 through its agenda might have a unique opportunity to pool resources, confront views and opinions and press for a higher level of compliance with internationally agreed goals and principles that might induce longer term and beneficial effects for the world economy and finance.

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