Management of the global economy
- Because of their openness to trade and international capital flows, national economies are increasingly interdependent. International efforts to manage the global economy predate the present downturn which, as a result of globalisation, affects all countries. However, these efforts have intensified under pressure from the crisis.
- In various international contexts, the basic aims are still the same: to coordinate, to cooperate, to regulate and to provide assistance, but the needs as well as the risks involved have increased considerably, particularly in terms of financial and trade protection.
- Since the G20 summits held in Washington (15.11.2008), London (02.04.2009) and Deauville (26.05.2011), the international community has agreed on the following objectives: identify and implement appropriate measures to prevent a repeat of the crisis, notably through more effective financial regulation and supervision of market operators; launch recovery policies in those countries that have the means to achieve this purpose; provide financial assistance to those countries that need it; and continue providing assistance to developing countries. The last G20 summit was held in Brisbane (16.11.2014). The next one will be held in Antalya on 16.11.2015.
- The International Monetary Fund, the World Bank Group, the Multilateral (regional) Development Banks, the World Trade Organisation, the Bank for International Settlements, the Organisation for Economic Cooperation and Development and the Financial Stability Board are the specialised institutions most directly involved in current efforts to manage the global economy effectively. These institutions act within their respective areas of competence and in accordance with their specific decision-making procedures.
- The necessary consensus among governments on the role of these different institutions is often prepared elsewhere, within civil society or within other international or regional organisations such as the United Nations. In order to discuss and agree on economic and financial policies, among other issues, the representatives of different countries also hold regular official meetings on an ad-hoc basis, including the so-called “G” summits: G7 and G8 for the developed countries; G24 for the emerging and developing countries; the “Heiligendamm Process” (i.e. the G8 plus five emerging countries); and the G20 (consisting of up to 22 developed, emerging or developing countries).