Management of the international economy
- Opening up to trade and international flows of capital makes economies interdependent. International efforts to manage the international economy are prior to the 2008 crisis and the Covid-19 crisis which, due to globalisation, have affected and continue to affect the entire country. However, these economic integration efforts have intensified due to the pressure of the crisis.
- The International Monetary Fund and the World Bank Group, the Multilateral (regional) Development Banks, the World Trade Organisation, the Bank for International Settlements, the Organisation for Economic Co-operation and Development, and the Financial Stability Forum are the specialised institutions most directly involved in the international economy management efforts. These institutions work within the limits of their respective competences, according to their own decision-making procedures.
- The essential consensus between States on the role of these different institutions is often prepared elsewhere, within civil society or in other international (United Nations) or regional organisations. State representatives also meet regularly in official ad hoc contexts, to discuss economic and financial issues of international importance, the “G”: G7 and G8, for advanced countries, G24 for emerging and developing countries, and lastly the G20, which comprises up to 22 advanced, emerging or developing countries.
- The G20 summits held between 2008 and 2011 attempted to identify and take suitable measures to prevent a repeat of the 2008 financial crisis, particularly through financial regulation and more appropriate supervision of operators; for those countries which have the resources, implementing stimulus policies, providing financial support to countries that need it and continuing to provide aid to developing countries. Not surprisingly, the next G20 summit, planned for Riyadh in November 2020, will focus on measures for relaunching the global economy following the Covid-19 crisis, although various preparatory meetings have already outlined pressing needs such as support for green growth, the relaunching of international trade, and the importance of maintaining international cooperation, particularly with Africa.