Summary
Public money, the International Monetary Fund (IMF) and World Bank were wheeled in to make emergency loans to ensure commercial banks were repaid and saved from collapse. [...] more substantial architecture is required if the rules are to have any force. In London, the G20 could start by agreeing: * a new process for reallocating voting power in each organisation; * ensuring the head of each organisation is internationally selected and agreed; * that the staff of each institution should reflect the countries in which they work; and * tomove to establish a strategic decision-making directorate - like a new G7 - for each organisation which represents the seven or eightmajor world regions.
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Extract
Saving Globalisation... Again?
gLOBAL LEADERS WILL HAVE TO SHOW THAT they arewilling and able to takemeasures to mitigate the harshest effects of this financial crisis at home as well as abroad. Longertermthey will need to prove that collectively they can regulate global finance, ensuring that the possibilities of globalisation do not necessarily entail a drunken dash towards casino capitalism. This is a tough agenda and the stakes are higher than ever before. The lessons from ...
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