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. The G20 has assigned itself the job of determining international development cooperation policy. It is not the proper group to undertake such a job and it is not doing it well. A comment by Barry Herman
“International development cooperation” is understood here to mean the coherent and consistent application of the full panoply of policy measures that aim to boost economically, socially and environmentally sustainable and sustained development. By global agreement, it includes everything in the Monterrey Consensus, adopted in 2002 at the International Conference on Financing for Development, as well as the mandates and actions for sustainability that can be traced back to the “Earth Summit” of 1992 in Rio de Janeiro ...
The Euro Zone Summit on 12-13 July 2015 forced the Greek Syriza-led government into accepting practically all demands of the other euro zone states. In return, the Greek government received the prospect that negotiations on renewed credit programme might commence and the vague promise that longer grace and payment periods on the Greek debt might be considered.
Everything is possible. The crisis has reached such a precipitating dynamics, that nobody is able to fully control the process. There might still come a last minute muddling through compromise. But there might also be insolvency and a subsequent Grexit either by accident or by intention.
Two crucial issues are dealt with in the new World Investment Report: A fundamental reform of the international investment regime and more coherence between international tax and investment policies. According to the authors of the report there must be no contradiction between the policy imperative of taking action against tax avoidance and facilitating productive investment in sustainable development.
At its 104th conference in the first half of June, the International Labour Organization (ILO) has adopted a new international labour standard that is expected to help hundreds of millions of workers and economic units move out of informality and into the formal economy.
What do the writer-activist Naomi Klein, the academic economist Thomas Piketty, the art curator Okwui Enwezor and the Catholic Pope have in common? A cosmopolitan lifestyle? Concern for humanity? A knack for controversy? All of that. But something more substantive too.