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Responses to the financial crisis Two responses: The Group of Twenty (G-20) The Stiglitz Commission and the UN Summit on the World Financial and Economic Crisis and its impact on Development Contextualize each Provide some brief analysis Differences in the approach The G-20 response

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responses to the financial crisis
Responses to the financial crisis
  • Two responses:
    • The Group of Twenty (G-20)
    • The Stiglitz Commission and the UN Summit on the World Financial and Economic Crisis and its impact on Development
  • Contextualize each
  • Provide some brief analysis
  • Differences in the approach
the g 20 response
The G-20 response
  • Focus: restoring confidence, lending, regulation, reforms to forestall future crises, promote trade
  • 1.1 trillion
    • 750 billion to the IMF (new resources; SDRs)
    • 250 billion for trade finance; two years (IFC; ECAs)
    • 100 billion for MDBs ($300 billion over three years)
  • Enhance role for IMF in independent surveillance and advanced-warning system for risks (with FSB)
  • Reformed lending and conditionality
the g 20 response continued
The G-20 response (continued)
  • Strengthened regulation (stronger systems and cooperation)
  • IMF and WB governance reforms
  • Action on tax havens (OECD list)
  • Hedge funds, derivates, credit rating agencies self-police against code
  • Ambitious and balanced conclusion of Doha
  • Reaffirmed commitments to MDGs and aid
  • Support for Copenhagen
money money money the communiqu is funny
Money, money, money (the communiqué is funny)
  • “Development is secondary”
  • 1.1 trillion vanishing act  50 billion LICs
    • (c.f. 5 trillion)
    • 250 bn - 19 bn (SDR); mostly rich countries
    • 6 bn gold sales (already planned; admin)
    • 4 bn concessional lending
    • 6 bn MDBs
    • 12 bn trade finance
    • 2 bn earlier SDR
money money money the communiqu is funny continued
Money, money, money (the communiqué is funny) (continued)
  • Enhanced role IMF and FSB – legitimacy
  • Reformed lending – double standard (TWN); WB vulnerability fund; IMF social protection
  • Regulation – Vague “systematically important”
  • Governance – Been there, done that
  • Tax havens – List; falls short
  • “Shadow banking” – self policing, incomplete
  • Doha – financial liberalization; protectionism
  • MDGs, Copenhagen, Aid?
g 20 some figures
G-20 – Some figures
  • 1.1 trillion; 5 trillion globally
  • LICs – 50 billion
  • WFP – 250 billion ?
  • WB CIF – 6 billion
  • WB Vulnerability Fund – 200 mn
  • Aid – 117 billion (2008)
  • MDGs – 60-70 billion additional
  • Tax dodging – 500 - 700 billion
stiglitz commission and un summit
Stiglitz Commission and UN Summit
  • Summit – FfD; causes, impact, reform of system and institutions; highest level; outcome
  • Commission – last fall; members; key recommendations:
    • Industrialized countries 1% of stimulus to developing countries
    • New democratic credit facility for channelling resources
    • No procyclical policies, encouraged anti-cyclical
    • New SDRs; support for regional (CMI)
    • New reserve system (offset surplus and deficit; accumulation)
stiglitz commission and un summit continued
Stiglitz Commission and UN Summit (continued)
    • Tools to reduce risk (regulations, price interventions, capital controls)
    • Innovative finance
    • Trade regime that promotes growth
    • Short-term Advisory: Global Economic Coordination Council
    • Fundamental governance reform of WB and IMF; double majority voting
  • Recommendations feed into UN Summit on June 1-3; draft outcome document coming.
responses to the stiglitz commission and un summit
Responses to the Stiglitz Commission and UN Summit
  • “ ”, US
  • “ ”, Europe
  • “ ”, G-20
  • “ ”, Canada
  • “Just a place for radicals like Nicaragua and Iran to voice their concerns”
what to do
What to do?
  • Crisis of multilateralism – support and feed into UN process
  • Work with partners in Africa to raise awareness and support for UN process – both among CSOs and Gov’t
  • Work with HI to raise awareness in Canada
    • Letter to Harper on themes of UK groups – ACF signed;
    • Meetings and more pressure with gov’t and MPs
  • Participate in the Summit process
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