Author(s): Carlo Monticelli
Date published: Jul 2019
SUERF Policy Note, Issue No 83
by Carlo Monticelli, Council of Europe Development Bank
JEL-codes: F02, F33, F42, F50, F53, F55.
Keywords: economic governance, G7, G20, IMF, multilateral development banks, international financial architecture.
Global economic governance has undergone a radical transformation with the emergence of a new and unsettled, yet consistent and diffused, international financial order. This Policy Note analyses the reform, tracing its causes, examining its manifestations and assessing its pervasive implications, particularly as regards the significant transfer of power from advanced countries to emerging market economies as well as its consequences for international financial institutions. This encompassing approach enables the definition of the key features of the new order, leading to conclude that the international financial architecture has become more resilient: new tools and institutions for international coordination have become available and the old ones can be used more flexibly. The Note finally argues that a more united Europe in the international arena would not only be beneficial to Europe but it would also improve the quality of global economic governance.
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