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The G-20 and the dilemma of asymmetric sovereignty : why multilateralism is failing in crisis prevention
Die G20 und das Dilemma asymmetrischer Souveränität: multilaterale Ansätze versagen bei der Krisenprävention
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Stiftung Wissenschaft und Politik -SWP- Deutsches Institut für Internationale Politik und Sicherheit
Abstract The Group of Twenty (G-20) is not able to move forward with the reforms necessary to prevent future financial crises. Successes achieved in crisis management cannot be transformed into joint crisis prevention. The global regulation of financial markets, agreed upon at previous G-20 summits, was inte... view more
The Group of Twenty (G-20) is not able to move forward with the reforms necessary to prevent future financial crises. Successes achieved in crisis management cannot be transformed into joint crisis prevention. The global regulation of financial markets, agreed upon at previous G-20 summits, was intended to make the international financial system more stable and more resilient against future crises. Alas, the expectations were unfulfilled. At least as serious are the failure of the Doha Round and the incapability of the G-20 to prevent it, despite the frequently voiced commitment to a multilateral order. The structural crisis in current global regulation is not least the result of an asymmetric sovereignty in financial politics: States possess only marginal influence on international financial markets, but they are liable in times of crisis. The result is a renationalization of financial policies. At the same time, the increasingly critical perception of globalization, in particular in societies of the Organisation for Economic Cooperation and Development (OECD), complicates the further evolution of the multilateral trade order. (author's abstract)... view less
Keywords
WTO; fiscal policy; trade policy; global governance; crisis management (econ., pol.); financial market; regulation; capital transactions; globalization; multilateralism
Classification
International Relations, International Politics, Foreign Affairs, Development Policy
Economic Policy
Free Keywords
Group of Twenty
Document language
English
Publication Year
2013
City
Berlin
Page/Pages
4 p.
Series
SWP Comment, 30/2013
ISSN
1861-1761
Status
Published Version; reviewed
Licence
Deposit Licence - No Redistribution, No Modifications