For years, only a small and enlightened elite and some NGOs looking beyond their tiny projects have been calling for a New Bretton Woods – a global conference to restructure the global economic and financial system. Yet suddenly such demands have become almost mainstream, and developments have accelerated tremendously. However, the World Financial Summit to be held in Washington DC on 15 November will be at best be a starting point of a process, at worst we will observe another public relations exercise. By Rainer Falk
It is particularly the Europeans who seem to be rushing into action. They have agreed on five measures to re-regulate financial markets: new rules for rating agencies, an overhaul of existing accounting standards, the expansion of control and oversight mechanisms to all financial market segments including hedge funds, a code of conduct for managers of the financial industry and – last not least – strengthening the International Monetary Fund ... ... this article is part of WDEV Issue 6/Nov-Dec 2008 and for subscribers only. For direct log in >>> click here.If you have no subscription >>> pick your option or >>>
At first glance, everyday life seems not to have changed in Istanbul. The streets are congested; people hurry to the ferry or the bus. For weeks, there has been no terror attack. Nevertheless, there are some visible changes. There are much more policemen in the streets. In some days, the Istiklal Caddesi, the main shopping street on the European side, seems to be under a state of siege. At every street corner, there is police van with the blue light switched on.
Recent disturbing trends in international finance have particularly problematic implications, especially for developing countries. The new United Nations report, World Economic Situation and Prospects 2017 (WESP 2017), is the only recent report of a multilateral inter-governmental organization to recognize these problems, especially as they are relevant to the financing requirements for achieving the Sustainable Development Goals (SDGs).
The Trump government signals unequivocally the end of international US hegemony. An international hegemon is able to define rules that find relatively broad acceptance internationally and plays a role in safeguarding international economic stability. The Trump government announced measures that go against the present economic rules while not proposing new ones.
The global deficit in quality jobs and deteriorating economic conditions in a number of regions threatens to undo decades of progress in poverty reduction, warns a new report by the International Labour Organization (ILO), the World Employment and Social Outlook (WESO) 2016.
Weakening of workers' rights in most regions is being aggravated by severe crackdowns on freedom of speech and assembly, according to the 2016 Global Rights Index. Restrictions on freedom of speech and assembly, including severe crackdowns in some countries, increased by 22%, with 50 out of 141 countries surveyed recording restrictions.