The G20 leaders have met three times, giving the IMF $1 trillion of new resources with which to fight the fires of the global financial crisis. The World Bank has also been put on the job – to respond to what the World Bank and IMF have called a “development emergency”.
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26 Oct 2009 / Ngaire Woods
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19 Oct 2009 / Ngaire Woods
*UPDATE 15 Feb 2010*: Poul Nyrup Rasmussen’s lecture is now available online. To listen to the audio or watch the video of The post-crisis politics of financial reform: business as usual or new global order?, visit the OpenSpires project. You can also find it on iTunes U and via the University of Oxford’s podcasts.
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04 May 2009 / Ngaire Woods
Yesterday China upped the pace of the power shift from a US-dominated world monetary order, to a more global one. China and its Asian partners have just announced their strengthening of a $120 billion emergency currency pool. This is evidence of a new Chinese strategy unveiled in recent weeks and comprising three elements:
1. substantial reform the IMF;
2. the growth of a powerful Asian alternative to the IMF; and
3. a world currency.China’s new found confidence in addressing global economic governance is likely to spur policy-makers on both sides of the Atlantic to get serious about addressing major issues of governance reform, emergency lending, and exchange rate cooperation. Where years of developing country efforts have failed to push this debate, China’s potent combination of pushing for reform and at the same time bolstering challenging alternatives is likely to finally have purchase.
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02 Feb 2009 / Ngaire Woods
When the G20 meet in April the needs of African countries should be high on their agenda. The G20 have promised “comprehensively to reform the Bretton Woods institutions” . At least three major changes should be pushed.
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20 Nov 2008 / Ngaire Woods
Walter Mattli and I offer our vision for the future of global financial regulation on Martin Wolf’s Financial Times blog The Economists’ Forum today.
In it, we argue that nothing less than a new global architecture for the regulation of banking and finance is required. Such architecture comprises three elements: broad representation in the rule-making process, proper monitoring, and systematic enforcement.
