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Research Report

New Ideas for the London Summit: Recommendations to the G20 Leaders

Paola Subacchi
Alexei Monsarrat
Copyright Date: Mar. 1, 2009
Published by: Atlantic Council
Pages: 98
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Table of Contents

  1. (pp. v-v)
    Frederick Kempe and Robin Niblett

    Attempting to resolve the international financial and economic crisis has become one of the first major tests of the transatlantic relationship since the inauguration of President Obama in January 2009. Preparations for the London Summit of G20 leaders on 2 April 2009 have revealed some important differences between the US and European approach and among EU members themselves. To explore these differences and generate ideas on how best to overcome them in the midst of the financial and economic storm, Chatham House and The Atlantic Council of the United States brought together over 80 business leaders, financial experts and academics...

  2. (pp. ix-xiv)
    Paola Subacchi, Alexei Monsarrat and Robin Niblett
  3. (pp. 1-2)
    Paola Subacchi

    The firstmeeting of the G20¹ at the leader level was held on 15 November 2008, with the mandate to design ‘a new international financial architecture’. Although this is a big task, it is part of a long-running process which has engaged the regulatory and financial community since the Asian financial crisis of 1997. The need for stronger supervision and regulation of financial institutions and markets, better transparency and the reform of the IMF and other international financial institutions have been on the agenda for over a decade. The key issue in November was to identify those measures necessary to prevent...

  4. (pp. 3-28)
    Barbara Ridpath, Douglas Rediker, Nicolas Véron, John Eatwell, Robert Rosenkranz, Robert Nichols and Standard & Poor’s

    The interconnectedness of the world’s financial system and the interdependence of its players have become evident in the first clear crisis of globalization. The critical question this raises is whether we have a credible infrastructure for such a globally integrated financial system, and if we do not, what is needed to establish such an infrastructure. The submissions in this section pick up several, but by no means all, the areas in which work is needed if we are to come out of this financial crisis with a sounder, more robust financial architecture.

    The contributions vary distinctly between those submitted for...

  5. (pp. 29-50)
    Brian Henderson, Ralph C. Bryant, Raghuram G. Rajan, Brian Henderson, Domenico Lombardi, Susan Schadler, Lauren M. Phillips and Andrew Baker

    The deterioration of the global economy has intensified and accelerated discussion about the role of the international institutions which govern the global economy. The IMF’s role as a global stabilizer has been reinvigorated as economies facing acute balance-of-payments difficulties have required intervention. The Financial Stability Forum (FSF) has suddenly been propelled to the forefront of international mechanisms to promote coordination and common assessments of financial policies.

    At the same time, there remain serious and unresolved questions about the governance and scope of these institutions. Addressing these issues is essential to reaching global consensus on key short-term issues, such as a...

  6. (pp. 51-79)
    Paola Subacchi, Jim Rollo, Fredrik Erixon, Uri Dadush, Paula Stern, Jim O’Neill, Paola Subacchi and Stephen L. Jen

    As a result of economic and financial hardship, the limits of financial globalization and the tension between domestic agendas and global issues have emerged. Like trade, the exchange rate is both cause and effect of such tension. Much political activity has been directly or indirectly shifted towards the exchange rate in ways that imply new economic and political divisions. Fixing the exchange rate in a world of mobile capital implies forgoing national monetary policy autonomy in favour of greater certainty about the value of the currency. And this raises problems of international policy cooperation.

    This section specifically deals with trade...