Savior or Achilles’ Heel of International Markets?: The G20, IMF, and Global Financial Crisis
The meltdown of international financial markets in 2008 and the continuing economic crisis plaguing Europe have ramped up discussions about the challenges and limits of global economic governance. From 2008 to 2009, commitment to a collective international response reached unprecedented levels in recent decades, but sustaining that momentum – led by the G20 and harnessing the legitimacy and technical capacities of the International Monetary Fund – has proven much harder. Former IMF Executive Director for the Fund’s Australia and Pacific Constituency, Chris Legg, will examine lessons from this experience about the nature of international economic governance, and the constraints to enhancing the IMF and G20’s future effectiveness. In particular, he will discuss the role of the G20 and the challenge of governance reform at the IMF in the context of an increasingly multi-polar world.