COC

Focus Three: Global Economic Governance

The IMF is back? Think again (June 2009)

Rethinking Bretton Woods | Tue, Jun 9, 2009

The IMF is back? Think again (June 2009)

Just two years ago, the IMF seemed to be on an inexorable downward path: its credibility and effectiveness in question, its portfolio of borrowers severely reduced, its legitimacy and governance structure under challenge, and its own finances in disarray. In fact, the Fund had started "downsizing" its staff as the only way to avoid running one of the deficits that it so strongly advises client countries to steer away from.

Modalities agreed for UN Conference on World Financial and Economic Crisis (April 2009)

Rethinking Bretton Woods | Tue, Apr 14, 2009

Modalities agreed for UN Conference on World Financial and Economic Crisis (April 2009)

The UN Conference on the world financial and economic crisis and its impact on development is now scheduled to take place from June 1 -3, 2009. The agreement on the date is part of a number of agreements on modalities contained in a modalities resolution of the UN General Assembly. The agreements were finally reached after protracted negotiations that revealed a continued conflict of  views, mostly along developed and developing country lines, regarding the role that the UN is called to play on issues of financial reform.
 

The Fox in the Henhouse: Reforming the Global Financial System (March 2009)

Rethinking Bretton Woods | Thu, Apr 2, 2009

The Fox in the Henhouse: Reforming the Global Financial System (March 2009)

As the financial crisis, now clearly of global proportions, continues to expand taking its toll in jobs, real wage cuts and social benefits in all countries, the pressure for a multilateral response has grown. But, is the G20 it? In this article for Center Focus, Aldo Caliari argues that the short ambition of the G20 Summits may have to do with its limited composition, closed debate and closed, non-transparent working practices.
Reforming Global Finance: Scenarios and Expectations (March 2009)

Rethinking Bretton Woods | Sun, Mar 8, 2009

Reforming Global Finance: Scenarios and Expectations (March 2009)

Every day new figures on the impacts of the financial crisis reveal its depth and severity. Many observers concur that major reforms usually come after major catastrophes, so given the seriousness of the crisis, we may be about to witness a radical transformation of the international economic system. But, is that so? In this article especially commissioned by IslamOnline Aldo Caliari says there are more basis to side with the skeptics who forecast only cosmetic changes will be introduced (... unless the crisis gets much worse).
Developing countries and the reform debate on credit rating agencies (February 2009)

Rethinking Bretton Woods | Sat, Feb 7, 2009

Developing countries and the reform debate on credit rating agencies (February 2009)

The conditions of global credit turmoil that affected the markets since August 2007, and worsened since September 2008, represent a historic opportunity for a truly new international financial architecture. 

Against this backdrop, the misleading grades given by credit rating agencies to a number of sophisticated products that greatly impacted bank’s liquidity have placed the spotlight on these actors. The debate on what role should credit rating agencies play has, thus, become the focus of renewed attention. 

This paper assesses this debate from the perspective of developing countries, to show that an agenda that continues to be debated in forums where they are not present, is likely to continue to sideline their substantive concerns. The FSF report’s agenda on Credit Rating Agencies is taken as a proxy of what the official agenda looks like and argues that it is far from suitable to address the concerns of developing countries.  

The paper suggests some recommendations for an advocacy strategy with the short-term goal of bringing alternative view on CRAs onto the official debate and the longer-term objective of increasing the voice and participation of developing countries in the agenda for reform of the global financial system.  

Why G20 summit stirs few hopes of real reform (November 2008)

Rethinking Bretton Woods | Wed, Nov 12, 2008

Why G20 summit stirs few hopes of real reform (November 2008)

In this letter, appeared in the Financial Times edition of November 12, 2008, Aldo Caliari argues that the low level of ambition for the upcoming financial summit of G20 members in Washington DC should not be a surprise. Unless a much more inclusive approach is followed, giving an institutional platform for the voice of all developing countries, it is unrealistic to expect much more.

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