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 ...
Jean-Claude Juncker, the new President of the European Commission and his "winning team" start to work officially on 1 November 2014. The former Prime Minister of the small state and fiscal paradise Luxemburg (500,000 inhabitants) is trying to spread the sentiment of breaking new ground for the European Union after five years of financial, economic, and increasingly, political, crisis.
The recent outbreak of the Ebola virus in Western Africa which started in December 2013 is leading to media hyped worries about its global spread to developed countries since the first human-to-human transmission of the disease in an US hospital (Dallas/Texas). Despite these concerns the brutal reality of the outbreak in the Western African countries plays only a marginalized role in that global media drama.
In November 2013, the G20 supported an action plan of the OECD against the '[tax] base erosion and profit shifting' (BEPS), i.e. tax avoidance, by multinational companies. This plan is now being worked out by the members of the OECD and the G20 - a total of 44 states - till the end of 2015.
Having avoided a deep depression, stabilized financial markets and recovered the ground lost during the crisis years, there is a growing belief in some policy circles that the global economy is back to normal. But UNCTAD's 2014 Trade and Development Report suggests that tight fiscal policy, flexibilisation of labour markets, active monetary policies and the reliance on buoyant asset prices cannot bring the world economy back to robust health.