The current fairly peripheral role of China in the global financial regulatory system is increasingly problematic. The system needs a guiding vision in which China becomes much more central – a ‘Chinese dream.’ This paper outlines three clusters of initiatives to achieve a global financial regulatory system in which China holds a major position.
Chairing the G20 offers China a unique opportunity to set the tone in global economic debates, and the Hangzhou summit is the focus of attention. The author predicts that trade, structural reforms and a bigger global role for China will be Beijing’s three priorities. But how realistic are these goals?
As Britain enters a period of political and economic instability, following a referendum vote that many now interpret as anti-globalisation, it is worth reflecting on what the consequences of Brexit will be for the world’s ‘economic steering committee’: the G20.
G20 leaders must address major issues like the distribution of income and the structure of our financial systems in order to combat the deeper underlying causes of weak global demand.
Following Germany this year and Japan in 2016, Italy will assume the rotating presidency of the G7 in 2017. However, even the global governance aficionados could wonder whether this matters at all.
This paper was produced for the Italian Parliament and Ministry of Foreign Affairs.
In an environment of rapid change in global patterns of trade and wealth creation, a new revamped (but highly representative) grouping should be created within the G20, to provide leadership on key economic policy matters. Euro-area members should give up their individual seats in this G7+, allowing room for China and other large emerging economies.
A survey of G20 practitioners reveals how, notwithstanding the post-crisis loss of momentum, the G20 is still considered a useful forum of discussions.
Five years ago, the declarations of the G20 in landmark leaders’ summits in London and Pittsburgh listed specific commitments on financial regulatory reform. When measured against these declarations, as opposed to the surrounding rhetorical hype, most (though not all) commitments have been met to a substantial degree.
Nicolas Véron, Senior Fellow at Bruegel, assesses the G20’s performance in terms of financial reform. "In the past years, there have been achievements, but also outright failures," Véron explains. One of the relevant policy achievements of the group is Basel III. On other fields, however, the G20 did not succeed. "The group of 20 had committed […]
The first G20 summits in 2008 and 2009 were dedicated to overhauling global financial regulation, empowering international financial authorities and combating the economic downturn. Since then, progress has been uneven and priorities have shifted. The 2011 summit in Cannes was dominated by discussion of the policy chaos in Europe; financial regulatory matters were little more […]
At their meeting on October 23 in Gyeongju, the G-20 finance ministers agreed to recommit to more market-determined exchange rates and refrain from competitive devaluations. At a time when the “currency war” theme has captured imaginations, this is a welcome pledge. But it does not solve the issue for the G-20. On the face of […]