financial crisis

In a Development Policy Seminar held in New York yesterday, Nicolas Véron, Senior Fellow at Bruegel in Brussels and Visiting Fellow from the Peterson Institute for International Economics, argued that the effectiveness of post-crisis reforms in financial regulation in making global finance more stable is not so far proven. In his presentation, he showed that unintended consequences of the reforms are appearing gradually, even as their initial implementation is still unfinished. In his view, the G20 has established neither an adequate institutional infrastructure nor a consistent policy vision for a globally integrated financial system. This shortcoming justifies increasing concerns about economically harmful market fragmentation. One key aim, according to Véron, should be to make international regulatory bodies more representative of the rapidly-changing geography of global finance, not only in terms of their membership but also of their leadership and location.

January 2013 Summary: World economic prospects for 2013 only slightly improving Uncertainties and risks looming More proactive and concerted policy actions needed Five years after the eruption of the global financial crisis, the world economy is still ...

October 2009 Summary: The global recovery remains fragile and requires sustained policy support, as agreed by G20 leaders at the Pittsburgh Summit. The recovery in some Asian economies has lost some of its momentum, as reflected in weaker exports and i ...

July 2009 Summary: The recent United Nations conference on the global financial and economic crisis proposed a comprehensive set of actions to mitigate the immediate impact of the crisis and to formulate adequate medium- and long-term responses. Unempl ...

March 2009 Summary: Global financial markets remain highly volatile. Global imbalances are unwinding in disorderly fashion, heightening the risk of exchange-rate volatility. Unemployment is increasing worldwide at an alarming pace. Many countries see t ...

February 2009 Summary:  The impact of the financial crisis on economic activity has intensified worldwide. Industrial production and international trade flows have declined sharply, and unemployment is rapidly rising globally. Countries need to move mo ...

November 2008 Summary: In response to the intensified global financial crisis, a large number of countries adopted extensive emergency plans in October 2008, following a more comprehensive and internationally concerted approach. However, great uncertai ...

October 2008 Summary:  The world economy is facing the most severe financial crisis since the Great Depression of the last century. The risk for a global recession has heightened significantly and volatility of commodity prices has increased further. I ...