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The search for global confluence

September 21, 2009

 Abstract: With the abatement of the global financial crisis and unmistakeable signs of economic stabilisation, the upcoming Pittsburgh G-20 summit offers an opportunity for the group to turn to resolving the long-term issues, which involve three ‘global public goods’, namely:

  • Global financial regulatory framework. Create a global financial regulatory framework, as the current system of disparate national regulatory agencies is inadequate and the need for some global risk mitigation mechanisms is apparent;
  • Climate change. Develop a plan to deal with climate change, specifically determining how much of the burden of emission reduction should fall on each country; and
  • Protectionism. Address growing protectionism, which poses a threat to the multilateral trade system.

In achieving a global consensus on these issues, G-20 enjoys a distinct advantage because of its size and composition.

Keywords: Pittsburgh Summit; G-20; global public goods; regulatory framework; climate change; protectionism; multilateral trade; mitigation; emission; global financial crisis

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