There are numerous definitions of global governance. In the economic and financial sphere I will propose that global governance comprehends not only the constellation of supranational institutions – including the international financial institutions – but also the informal groupings that have progressively emerged at the global level. Those informal forums (G7, G10, G20, etc.) are key in improving global coordination in all the areas where decision making processes remain national – whether in helping to work out agreed prudential standards and codes or to facilitate where appropriate, the coordination of economic macro-policies.
No market can survive without a set of rules. This is particularly true at the international level, where natural barriers to transactions are formidable. One of the global governance’s primary aims should be that of facilitating the proper functioning of cross-border markets and thereby of reducing transaction costs.
Jean-Claude Trichet at the Council on Foreign Relations - article
European Central Bank - Transitional Global Governance
Secretive Group of International Bankers to form a World Government?
ECB President Favors Global Governance - Forbes
(ECB) Global governance today - Forex Hound
Trichet calls for strengthening global governance amid recovery
No comments:
Post a Comment