What can we realistically expect from the G20?
Simon J Evenett, 12 November 2010
The forthcoming Seoul summit marks the end of the second year of the G20's crisis-related activities. This column takes stock of the G20's accomplishments and methods of operation, identifying what can reasonably be expected of the G20 over the medium term. It argues that a series of evolving accommodations – articulated imprecisely to outsiders – is the most that governments and analysts should expect.
The future of regulatory reform: Outcomes from the latest CEPR conference
The Editors, 9 November 2010
In preparation for this week’s meeting of the G20, CEPR recently held a major conference on financial regulation – The Future of Regulatory Reform – bringing together senior policymakers, leading academics and industry practitioners. This column presents a report and video highlighting some of the speakers’ key recommendations.
The state of protectionism on the eve of the Seoul G20 summit
Simon J Evenett, 8 November 2010
The Korean hosts of this week's G20 summit are apparently keen to raise the profile of protectionism and to develop a development-friendly trade initiative. With these possible goals in mind the Eighth Report of the Global Trade Alert, published today, assesses the global state of protectionism, the quality of G20 leadership on trade, and the harm done to the most vulnerable developing countries by other country's beggar-thy-neighbour policies.
Currency wars and the emerging-market countries
Richard Portes, 4 November 2010
The threat of a currency war between the US and China is one of the main concerns for the G20 ahead of this month’s meeting in Seoul. This column say that while policymakers appear to grasp some of the issues, they underestimate the impact of quantitative easing by large economies on exchange rates worldwide.
Lessons in regionalism: What can the WTO teach the IMF?
Kati Suominen, 3 November 2010
Will financial regionalism damagingly fragment the global financial architecture precisely at the time when sturdy system-wide management is needed? This column points to the world trading system’s engagement with regional trade agreements as a source of lessons for how to harmonise regional and global approaches to international finance.
China’s currency and the US economy
Fred Bergsten, 1 November 2010
Yiping Huang recently argued that the US would not win a currency war over global imbalances. This column agrees that a currency or trade war would be lose-lose. But it says that such a conflict is inevitable unless the root causes of the growing imbalances are addressed.
Regulating Wall Street: The Dodd-Frank Act and the new architecture of global finance
Viral Acharya interviewed by Viv Davies, 22 October 2010
Viral Acharya talks to Viv Davies about a new book, 'Regulating Wall Street'. He discusses the success and failings of the Dodd-Frank Act and its implications for the US financial system. He outlines the crucial role of derivatives, the new council of systemic risk, SIFIs and the different approaches to resolution in the US and Europe. Acharya compares the Basel III proposals with the US reforms and suggests what should be priorities for discussion at the upcoming G20 summit. The interview was recorded in London on 13 October 2010.
A currency war the US cannot win
Yiping Huang, 19 October 2010
The ongoing global imbalances has strengthened calls for the US to declare trade war with China. This column argues that the US did not emerge victorious from the last currency war with Japan, and against China the chances are even slimmer. Instead the upcoming G20 meeting should focus on a broad range of structural adjustments from both sides.
The Empire strikes back
Avinash Persaud, 14 September 2010
The role of financial institutions in the global crisis has led to a consensus that financial regulation must change. This column argues that the banking lobby, far from depleted, has struck back with a vengeance. It has managed to postpone the much needed regulation for a time when the need for it will be forgotten.