Reforming Global Economic Governance: An Unsettled Order
by Carlo Monticelli (Author)

About the Author
Carlo Monticelli is Vice Governor of the Council of Europe Development Bank. His career has straddled both private and public sectors, with positions including Deputy Director in the Research Department of the Bank of Italy; Head of European Economics, Deutsche Bank, London; and Head of International Financial Relations of the Italian Treasury. In this capacity he represented Italy in key international fora such as the G7, the G20, and the Economic and Financial Committee of the European Union.

About this book
The architecture of global economic and financial governance has undergone a deep and pervasive reform in the last ten years, radically transforming international institutions and groups, such as the International Monetary Fund, the G7, and the G20. This book investigates the new, unsettled order which is now prevailing, driven by the change in the balance of power between advanced economies and key emerging market economies.

Bringing together multiple strands of analysis, traditionally kept separate, Reforming Global Economic Governance: An Unsettled Order particularly explores the role of Europe within this changing world. The book documents and examines a broad range of events, building on methods from economics and other disciplines, as well as on the insights from the author’s personal involvement. This innovative approach allows the reader to ascertain the defining features of the reform: the increasing fragmentation of governance; the interconnectedness of its different elements; and the strong concern for inclusiveness. Furthermore, it presents analyses highlighting the controversial nature of the new order which underpins the current policy debate on international economic relations, including the resurgence of nationalism and trade conflicts. Through these explorations, this engaging book has direct relevance for the future prospects of international economic affairs.

Offering a comprehensive view of these issues, this accessible text will appeal to scholars, insiders, and the general reader. Its detailed and thorough analyses will also be of great use to those studying economics, international political economy, and international relations.

Brief contents
Introduction and overview 1
1 Unsettling the balance of power 17
    Many failures led to the crisis 20
    The waning grip of the G7 23
    The upheaval in the (relative) wealth of nations 27
    The need for international cooperation 30
    The serendipitous G20 34
    No finger-pointing in Washington 38
    Conclusions 41
2 Success and failures of the G20 45
    The crowning of the G20 as the world-saver 46
    Revamping macroeconomic coordination 50
    The old issues of international coordination confront the G20 53
    Overhauling the international financial architecture? 56
    Cannes (and Los Cabos) hijacked by the European crisis 59
    Russia and the overbearing return of high politics 63
    The BRIC(S) and the G20 68
    Conclusions 73
3 The reform of the International Monetary Fund 77
    IFIs, their shareholders, and global governance: a multifaceted interaction 79
    The withering of IFIs 83
    Palingenesis 86
    The (latest) IMF quota reform 90
    The Seoul package and its implementation 92
    There is more to influence than quotas 96
    Paradigm regained: the persistence of the Washington orthodoxy 99
    Conclusions 102
4 Multilateral Development Banks in fashion again 107
    The birth of the MDB business model 109
    More development (and more MDBs) in global architecture 112
    Defending and enriching the mainstream view of development 115
    More than affordable finance 118
    Malaise and revival of the MDBs 120
    The reform of the MDBs 123
    The brand new MDBs 126
    Evergreen tensions and dilemmas 132
    Conclusions 136
5 Re-regulating finance 144
    The international standards regime and the creation of the FSF 146
    What’s in a letter? From the FSF to the FSB 150
    The daunting tasks of the FSB 154
    Halfway, half-empty, half-hearted, yet significant 159
    Rule-taking behaviour 163
    The exorbitant persistence 166
    Conclusions 171
6 Europe and global governance 178
    The long tradition of punching below one’s weight 181
    Missing a crucial opportunity: the G20 185
    Missing a crucial opportunity: the IMF 186
    The IMF and the European crisis 188
    Three misconceptions 191
    The European decision-making process does not help 195
    The decline is not inevitable 199
    A more effective Europe is also good for the world 203
    Conclusions 206
References 213
Index 238

Series: Economics in the Real World (Book 7)
Paperback: 260 pages
Publisher: Routledge; 1 edition (February 6, 2019)
Language: English
ISBN-10: 0815363478
ISBN-13: 978-0815363477