The North-South Institute

Français

Publications

Systemic Reform at a Standstill: A Flock of “Gs” in Search of Global Financial Stability

Pub Cover

Systemic Reform at a Standstill: A Flock of “Gs” in Search of Global Financial Stability

Published: June 5, 2000

This paper critically surveys what has been achieved to date under the leadership of the world’s great economic powers by examining current prospects for the global economy in the wake of the most recent round of financial crises. It particularly considers the accomplishments and shortcomings of the “flock of Gs” — the various groups formed by the leading industrial countries since 1960 to oversee international monetary cooperation and reform. These evolved with the changing conditions and challenges posed by a steadily integrating global economy. As a result of the recent Asian financial crisis, two key institutions were created to spearhead the latest round of reforms, the Financial Stability Forum (FSF) and the Group of 20 (G-20). This paper critically examines the scope of reforms that were being considered by the FSF and G-20 and reflects on systemic challenges that weren’t being addressed as well as the possibility of strengthening regional approaches to reforming the global financial architecture.

Author: Roy Culpepper

Download PDF