“Responsibility for raw materials”, “transparency in the extractive sector” and “resource politics for conflict zones” were important topics of the German G8 presidency last year. Never before has the issue of natural resource management been higher on the international policy agenda and there seems to be a wind of change. But what exactly has the German presidency changed, where was progress made and what are the challenges that remain, asks Lili Fuhr.
A transparent world
In late 2006 the German government announced that transparency in the extractive industries would be a topic for its 2007 presidency of the G8 and a number of concrete steps were proposed. On the issue of responsibility for raw materials, the Germans wanted to start an initiative for the certification of natural resources from conflict zones to contribute to peace in conflict-ridden resource rich regions ... ... this article is published in Issue 1/Jan-Feb 2008 for subscribers only. For direct log in >>> click here.If you have no subscription >>> pick your option or >>> buy the article.
After decades of isolation - imposed by major OECD countries out of concern for the country's human rights violations - Myanmar is emerging as a new darling of the "West" - judging by the accelerating succession of visits by senior officials and gurus. New groups of investors are waiting to enter the country as soon as possible.
Persistent high unemployment, the euro area debt crisis and premature fiscal austerity have already slowed global growth and factor into the possibility of a new recession. Now the United Nations have downgraded significantly its forecasts for the world economy in the next year.
Eastern European states are in for a new round of the crisis. The external control of the banking sector and high reliance on external credit has landed the countries of Eastern Europe in a vulnerable position. Now, credit flows from Western banks are drying up again. Hungary has been the first country in the region to ask for IMF support again.
While the G20 efforts to manage global aggregate demand, exchange rate management and stronger regulation of the international financial sector have not worked out quite as planned, in Cannes the Group was further solidifying its role in directing the system of multilateral institutions.
In November 2011, the German Federal Ministry for Economic Cooperation and Development (BMZ) is celebrating its 50th anniversary.The new Minister, Dirk Niebel of the (neo)-liberal FDP has launched a 'radical change of course'. In the recent edition of the Reality of Aid shadow report the change is analyzed.