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 ...
This week, the UN General Assembly (GA) will assess the Millennium Development Goals (MDGs) - their progress and gaps - and officially launch the intergovernmental discussion on a new, sustainable development agenda - perhaps to be encapsulated as sustainable development goals (SDGs).
Adjusting to the structural shifts in the world economy makes far-reaching changes in development strategies necessary. Against the background of a prolonged period of slow growth in developed countries, export-led development in the South is no longer viable, UNCTAD says.
The emerging economies in the BRICS group - Brazil, Russia, India, China and South Africa - urged the G20 to boost global demand and ensure that any changes in monetary policy are well flagged to minimize any disruptive "spillovers" that may result. The appeal reflected the concerns among developing nations over the prospect that the Fed will scale back its ultra-loose monetary policy, and a view that Europe is not doing enough to promote a demand-driven recovery. The BRICS also agreed to contribute $100 billion to a joint currency reserve pool.
The Economic Development in Africa Report 2013, subtitled "Intra-African Trade: Unlocking Private Sector Dynamism", says that efforts to date to spur jointly reinforcing economic growth on the continent have relied on a "textbook" and "linear" approach to regional cooperation that does not fit with Africa's situation.
The media attention for this tiny tax has been amazing, e.g. in the Wall Street Journal and in the Financial Times nearly every day last week. Those opposed to a financial transaction tax, or Tobin tax, have been pushing myths about in an attempt to discredit the tax.