Is global governance of finance fit for purpose?
In 2008, the world was hit by a massive financial crisis. Global finance was largely ungoverned, and the citizens of the world paid a heavy price. At the G20 Summit in April 2009, world leaders committed themselves to reform global financial governance so that a future crises would be avoided and finance would be more long-term and stable.
The Global Financial Governance and Impact report assesses how well the G20, IMF, World Bank, FSB and global tax system are governed, and whether they are having the desired positive impact;have they achieved their goal and made global financial governance fit for purpose, so that it is having a positive impact on the world’s citizens?
Overall, the report finds that there has been some improvement since 2009, in all the institutions governing global finance. However, the improvement is very slow. Governance (especially of the G20 and taxes) remains far too ad hoc, and impact is limited by the narrow mandates of the institutions, leaving large parts of global finance ungoverned. The report makes recommendations for how to accelerate progress, especially by insisting that the institutions and their sponsors analyse their impact and results rather than focusing on process, and by enhancing global popular mobilization to deepen reforms and avoid another financial crisis.
This event will explore the methodology used in the Global Governance report and a panel of experts will discuss the findings.
Jo Marie Griesgraber, Executive Director, New Rules for Global Finance
Cyrus Rustomjee, Director, Economic Affairs Division, Commonwealth Secretariat
John Christensen, co-founder Tax Justice Network
Dirk Willem te Velde, Head of Programme, International Economic Development Group, Overseas Development Instiute
Kevin Watkins, Director, Overseas Development Institute