Stewart M. Patrick

The Internationalist

Patrick assesses the future of world order, state sovereignty, and multilateral cooperation.

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Showing posts for "IMF and World Bank"

Winter is Coming: Beyond the IMF-World Bank Spring Meetings, an Unfinished Battle for Reform

by Guest Blogger for Stewart M. Patrick
International Monetary Fund (IMF) Managing Director Christine Lagarde enters the opening of a news conference in Washington April 10, 2014 (Gary Cameron/Courtesy Reuters). International Monetary Fund (IMF) Managing Director Christine Lagarde enters the opening of a news conference in Washington April 10, 2014 (Gary Cameron/Courtesy Reuters).

Below is a guest post by Claire Schachterresearch associate in the International Institutions and Global Governance program.

The Spring Meetings of the IMF and World Bank Group are underway in Washington, DC. The world’s top finance officials are painting the brightest picture of the global economy since the 2008 financial crisis: global growth is picking up, the United States’ recovery is gaining traction, and the future of the euro appears less precarious. But if one steps back to view the scene with a broader perspective, the portrait darkens. From slower emerging market growth to risk in China’s shadow banking sector to weak internal demand in the southern part of the euro area, the steady recovery of the global economy is hardly a sure bet. Unfinished economic and financial policy reforms litter the post-2008 landscape. A renewed commitment to improving the resilience of the global economy from domestic leaders and international financial governance institutions is critical. Read more »

Is the International Community Growing Apart?

by Stewart M. Patrick
The Spasskaya Tower of the Kremlin pictured after a heavy snowfall in central Moscow on January 21, 2013 (Sergei Karpukhin/Courtesy Reuters). The Spasskaya Tower of the Kremlin pictured after a heavy snowfall in central Moscow on January 21, 2013 (Sergei Karpukhin/Courtesy Reuters).

Coauthored with Isabella Bennett, program coordinator in the International Institutions and Global Governance program.

Last month, IIGG and the Moscow-based Institute of Contemporary Development convened the second regional meeting of the Council of Councils—a network of twenty-four policy institutions based in established and emerging states—to exchange practical ideas and solutions regarding daunting transnational challenges. The conversations highlighted growing areas of systemic global risk and thinning solidarity within the so-called international community. These trends threaten to undermine multilateral cooperation in stabilizing the global economy and preserving international peace and security. Read more »

A New Year’s Agenda for Russia’s G20 Chairmanship

by Stewart M. Patrick
St Petersburg, Russia will be the site of the next G20 meeting Fireworks light up the sky over the Neva River and Peter and Pawel Fortress in St. Petersburg, the site of the next G20 meeting. (Alexander Demianchuk/ Courtesy Reuters)

The new year is a time of hope. As 2013 dawns, optimists yearn for a period of sustained global economic growth after five years of recession, turbulence, and sluggish recovery. Achieving this scenario will require close policy coordination among governments of the world’s major economies. This places a heavy burden on the Russian Federation, which on December 1 assumed the rotating chairmanship of the Group of Twenty (G20). Read more »

A Contrarian’s Take on the Global Financial Crisis: The System Worked

by Stewart M. Patrick
U.S. President Barack Obama (top, R) speaks as (L-R, from bottom L) Japan's Prime Minister Yoshihiko Noda, European Commission President Jose Manuel Barroso, Italy's Prime Minister Mario Monti, Canada's Prime Minister Stephen Harper, French President Francois Hollande, Britain's Prime Minister David Cameron, Russia's Prime Minister Dmitri Medvedev as well as European Council President Herman Van Rompuy (L, Foreground) and Germany's Chancellor Angela Merkel (R, foreground) listen at the start of the first working session of the G8 Summit at Camp David, Maryland, May 19, 2012 (Courtesy Reuters/ Andrew Winning). U.S. President Barack Obama (top, R) speaks as (L-R, from bottom L) Japan's Prime Minister Yoshihiko Noda, European Commission President Jose Manuel Barroso, Italy's Prime Minister Mario Monti, Canada's Prime Minister Stephen Harper, French President Francois Hollande, Britain's Prime Minister David Cameron, Russia's Prime Minister Dmitri Medvedev as well as European Council President Herman Van Rompuy (L, Foreground) and Germany's Chancellor Angela Merkel (R, foreground) listen at the start of the first working session of the G8 Summit at Camp David, Maryland, May 19, 2012 (Courtesy Reuters/ Andrew Winning).

If there’s one lesson observers have drawn from the “greatest economic crisis since the Great Depression,” it’s that our outdated system of global economic governance failed to respond and needs a major overhaul. A closer look at the performance of international institutions since 2008, however, paints a rosier picture. Contrary to conventional wisdom, Tufts professor Dan Drezner argues in a provocative new CFR working paper that “the system worked.” Despite dire predictions, major economic powers cooperated within multilateral institutions, both old and new, to prevent a global financial collapse, forestall a descent into tit-for-tat protectionism, adopt new rules of financial regulation, and adjust the governance structures of global bodies to reflect power shifts. Read more »

Another American World Bank President Is a Missed Opportunity

by Stewart M. Patrick
U.S. President Barack Obama (R) Jim Yong Kim (C) as his nominee to be the next president of the World Bank, in the Rose Garden of the White House in Washington, March 23, 2012.  (Jason Reed/Courtesy Reuters) U.S. President Barack Obama (R) Jim Yong Kim (C) as his nominee to be the next president of the World Bank, in the Rose Garden of the White House in Washington, March 23, 2012. (Jason Reed/Courtesy Reuters)

On CFR’s new Global Expert Roundup, I argue that the U.S. diplomatic push to install an American as the next World Bank president squandered a golden opportunity to promote a new era of global governance founded on contemporary economic realities, and not outdated Western prerogatives. The Obama administration could have thrown its weight behind either of the two outstanding alternatives–Ngozi Okonjo-Iweala of Nigeria or José Antonio Ocampo of Colombia–and in doing so, would have signaled that global institutional reform requires integrating the dynamic developing world. Nevertheless, the first multi-candidate competition is a historic turning point. Read more »

Nuggets from the World Policy Conference

by Stewart M. Patrick

Austrian President Heinz Fischer makes a speech at the opening of the World Policy Conference at the historic Hofburg palace in Vienna December 9, 2011. The World Policy Conference is devoted to the issue of global governance in all its aspects (Herwig Prammer/Courtesy Reuters).

 –Vienna, Austria

The Internationalist spent the weekend at one of the more compelling stops on the global meeting circuit: the annual World Policy Conference (WPC). The brainchild of Thierry de Montbrial, founding president of the French think tank, l’Institut Francais des Relations Internationales (IFRI), the WPC provides a valuable alternative to the larger and flashier Davos—and a welcome opportunity to debate the state of global governance. This year’s setting was Vienna’s Hofburg Palace, a spectacular reminder of the city’s imperial Hapsburg history. Read more »