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The World Bank: Serving ambitious goals, but in need of reform

21-04-2016

The International Bank for Reconstruction and Development, nowadays known as the World Bank, was conceived to help rebuild European countries devastated by the Second World War. Since then, through various reforms, its mission has evolved and its scope and staff increased significantly. Nowadays, the World Bank Group consists of five institutions (IBRD, IDA, IFC, MIGA and ICSID), each with a particular mode of organisation and a specific scope and mission. The institution and its role have evolved ...

The International Bank for Reconstruction and Development, nowadays known as the World Bank, was conceived to help rebuild European countries devastated by the Second World War. Since then, through various reforms, its mission has evolved and its scope and staff increased significantly. Nowadays, the World Bank Group consists of five institutions (IBRD, IDA, IFC, MIGA and ICSID), each with a particular mode of organisation and a specific scope and mission. The institution and its role have evolved significantly since its inception in 1944, most recently with its 2013 strategy, although the main reasons behind its existence remain. The five institutions that form the World Bank Group have slightly different memberships, along with boards of governors and boards of directors. Commentators have presented arguments in favour of the Bank, as well as many criticisms and concerns with regard to its work. In particular, criticisms concerns issues such as smaller countries being inadequately represented, and some of the Bank's models being too conservative and in need of updating to take into consideration the evolution of today's world economy. Furthermore, critics say the Bank should engage meaningfully with the international human rights framework and assist its member countries in complying with their own human-rights obligations; and despite positive results from some of the Bank's programmes, these have also had negative spill-overs in the countries concerned.

The G20 summit in Antalya: Seeking global growth through collective action

10-11-2015

The Group of Twenty (G20) was established in 1999 after a series of crises in emerging economies, as a forum of finance ministers and central bank governors. It comprises 'systemically important' developed and emerging economies (including the European Union) and its purpose is to improve coordination of global economic policies. Since 2008, the G20 has also met at the level of leaders, who hold annual summits organised by the rotating presidency. These gatherings are the culmination of a year-long ...

The Group of Twenty (G20) was established in 1999 after a series of crises in emerging economies, as a forum of finance ministers and central bank governors. It comprises 'systemically important' developed and emerging economies (including the European Union) and its purpose is to improve coordination of global economic policies. Since 2008, the G20 has also met at the level of leaders, who hold annual summits organised by the rotating presidency. These gatherings are the culmination of a year-long preparatory process during which the G20 agenda is formulated. The next summit takes place on 15 and 16 November 2015 in Antalya, Turkey. Traditionally occupied with economic issues and financial regulation, the G20 programme now also includes topics like development, trade, tax cooperation, measures to fight corruption, climate change and energy. The Turkish presidency's focus is on 'enabling inclusive and robust growth' through the three I's: inclusiveness, implementation and investment. Turkey has also sought to increase integration of low income developing countries and SMEs into the global economy, to bridge the gender gap in employment and reduce inequalities. This programme has been generally welcomed by observers who nevertheless point out that accountability is crucial to the efficiency of the G20 process. Numerous preparatory meetings at levels ranging from ministerial to stakeholder groups have resulted in a vast array of recommendations to leaders which are to be taken into account in their discussions during the upcoming summit.

The European Union's Role in International Economic Fora - Paper 1: The G20

15-09-2015

This paper forms part of a series of nine studies on the role of the European Union in international economic fora, prepared by Policy Department A at the request of the Committee on Economic and Monetary Affairs of the European Parliament. It provides factual background information about the G20, the EU’s role and representation therein, its accountability as well as the coordination and impact thereof. The G20 has played a key role in measures taken to overcome the economic and financial crisis ...

This paper forms part of a series of nine studies on the role of the European Union in international economic fora, prepared by Policy Department A at the request of the Committee on Economic and Monetary Affairs of the European Parliament. It provides factual background information about the G20, the EU’s role and representation therein, its accountability as well as the coordination and impact thereof. The G20 has played a key role in measures taken to overcome the economic and financial crisis and promoted rules to prevent a repetition of such a crisis. The high compliance rate of the EU in implemen¬ting these commitments highlights the importance of the legally non-binding G20 commit-ments. Yet, the G20 is an informal international body where executives from officials’ up to leaders’ level meet. As a body G20 lacks meaningful accountability mechanisms. Moreover the EU can hardly be held to account for its action at the G20 level. This study provides a thorough analysis of the G20 and EU’s action at the G20 level. It sets out the EU legal framework for the participation of the EU and its Member States in the G20. In applying a two-tier accountability framework it identifies accountability gaps and concludes with policy recommendations.

Údar seachtarach

Fabian Amtenbrink, Niels Blokker, Stefaan van den Bogaert, Armin Cuyvers, Klaus Heine, Christophe Hillion, Jarosław Kantorowicz, Hannes Lenk and René Repasi (European Research Centre for Economic and Financial Governance - EURO-CEFG)

The BRICS Bank and Reserve Arrangement: towards a new global financial framework?

04-12-2014

At this summer's summit held in Fortaleza, Brazil, the five countries which form the BRICS – Brazil, Russia, India, China and South Africa – agreed on the establishment of their own financial institutions: the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). The New Development Bank is to lend for infrastructure and sustainable-development purposes, both in BRICS countries and other developing and emerging economies. In this context, developing countries are looking for a ...

At this summer's summit held in Fortaleza, Brazil, the five countries which form the BRICS – Brazil, Russia, India, China and South Africa – agreed on the establishment of their own financial institutions: the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). The New Development Bank is to lend for infrastructure and sustainable-development purposes, both in BRICS countries and other developing and emerging economies. In this context, developing countries are looking for a new source of financing with more flexible conditions. The CRA is an agreement among the BRICS' central banks for mutual support during a sudden currency crisis. The agreements were signed on 15 July 2014 – after two years of negotiations – but still need to be ratified by the members' legislatures.

G20 Summit in Brisbane: Low Expectations, Limited Progress?

21-11-2014

The recent Group of 20 (G20) summit in Brisbane aimed to coordinate global action to support a transition from containing the financial crisis to supporting economic recovery. The Australian presidency’s agenda privileged discussions on concrete steps to facilitate growth and build resilience by completing financial reforms and taking action on tax issues and corruption. The programme also sought to strengthen the G20 partners' cooperation on trade and energy. While the meeting, held on 15-16 November ...

The recent Group of 20 (G20) summit in Brisbane aimed to coordinate global action to support a transition from containing the financial crisis to supporting economic recovery. The Australian presidency’s agenda privileged discussions on concrete steps to facilitate growth and build resilience by completing financial reforms and taking action on tax issues and corruption. The programme also sought to strengthen the G20 partners' cooperation on trade and energy. While the meeting, held on 15-16 November 2014, did deliver some concrete economic commitments, the accomplishments were overshadowed by underlying geopolitical concerns. In bilateral discussions with Russian President Vladimir Putin, some G20 leaders – including from the EU, a full member of the Group – criticised Russia's actions in eastern Ukraine and its failure to ensure a proper investigation into the crash of Malaysia Airlines Flight 17. With other areas of focus including climate change (thanks in part to the efforts of the EU), energy cooperation and fighting Ebola, the summit's middling score sheet – with modest progress at best – looked rather similar to those of recent G20 summits.

The EU Constrained by the G20 in Los Cabos

25-06-2012

Largely dominated by the economic crisis in the Euro area, the G20 summit held in Los Cabos, Mexico last week provided the EU with greater financial buffers, but little peace of mind. The reinforcement of the International Monetary Fund’s firewall fund — and the role of emerging economies in bolstering the fund — may have been one of the few positive results to emerge from an otherwise cautious summit. Yet the EU also faced a barrage of criticism, and ultimately agreed to involve foreign leaders ...

Largely dominated by the economic crisis in the Euro area, the G20 summit held in Los Cabos, Mexico last week provided the EU with greater financial buffers, but little peace of mind. The reinforcement of the International Monetary Fund’s firewall fund — and the role of emerging economies in bolstering the fund — may have been one of the few positive results to emerge from an otherwise cautious summit. Yet the EU also faced a barrage of criticism, and ultimately agreed to involve foreign leaders in what have constituted internal matters until now. Chaired by the Mexican President Felipe Calderón, the meeting on18-19 June placed the global economy and growth at the top of its agenda, followed by the international financial architecture and financial inclusion. Other elements that had also been included in the agenda — including the extra-economic issues of infrastructure, food security, green growth and disaster risk management — were given short shrift.

External Representation of the Euro Area

15-05-2012

This study outlines concrete options for improving the external representation of the euro area in international institutions such as the IMF, the World Bank and the G-20. The study proposes a two-stage process, the first of which requires the creation of a permanent subcommittee of the Eurogroup Working Group (EWG) to elaborate common positions at international level. A second step, taken in the longer term, would consist of creating a single-member position in the IMF and World Bank by merging ...

This study outlines concrete options for improving the external representation of the euro area in international institutions such as the IMF, the World Bank and the G-20. The study proposes a two-stage process, the first of which requires the creation of a permanent subcommittee of the Eurogroup Working Group (EWG) to elaborate common positions at international level. A second step, taken in the longer term, would consist of creating a single-member position in the IMF and World Bank by merging national quotas via the European Stability Mechanism (ESM). For the G-20, a single membership of the euro area could create inconsistencies with the European Union membership. However, a euro area membership could be envisaged if a more economically and financially integrated euro area were to develop.

Údar seachtarach

Alessandro GIOVANNINI, CEPS; Daniel GROS, CEPS; Paul IVAN, CEPS; Piotr Maciej KACZYŃSKI, CEPS; Diego VALIANTE, CEPS

Global Imbalances and Global Governance

14-01-2011

This compilation of briefing papers was written by two members of the expert panel to the Special Committee on the Financial, Economic and Social Crisis. Its aim is to support the committee discussions on key questions arising from the crisis and thus feed into the preparations of the final report. The briefing papers outline the role of the IMF, the FSB and the G20 transatlantic dialogue as well as briefly discussing the political implications of a "Europe speaking with one voice".

This compilation of briefing papers was written by two members of the expert panel to the Special Committee on the Financial, Economic and Social Crisis. Its aim is to support the committee discussions on key questions arising from the crisis and thus feed into the preparations of the final report. The briefing papers outline the role of the IMF, the FSB and the G20 transatlantic dialogue as well as briefly discussing the political implications of a "Europe speaking with one voice".

Údar seachtarach

Sony KAPOOR (Managing Director Re-Define - additional research made by Ingrid KVANGRAVEN, Research Associate Re-Define) and Mojmir MRAK (Professor of Economics, University of Ljubljana, Slovenia)

The Functioning and Supervision of International Financial Institutions

01-03-2001

The recent financial crises in Asia, Russia and Latin America have focussed attention on the effectiveness of the world's 'financial architecture'. The freeing of capital movements and the globalisation of markets have boosted economic growth; but also increased instability and systemic risk. This study examines in detail the workings of the system, and the problems it faces. It looks particularly at risk-management techniques, the difficulties of effective prudential supervision, the situation in ...

The recent financial crises in Asia, Russia and Latin America have focussed attention on the effectiveness of the world's 'financial architecture'. The freeing of capital movements and the globalisation of markets have boosted economic growth; but also increased instability and systemic risk. This study examines in detail the workings of the system, and the problems it faces. It looks particularly at risk-management techniques, the difficulties of effective prudential supervision, the situation in developing countries, and the impact of hedge funds and other new financial instruments. It also examines the role of money laundering and other criminal activities. Finally, it makes a number of proposals for reform, both at the international and EU level.

Údar seachtarach

Università Commerciale Luigi Bocconi, Paolo Baffi Centre for Monetary and Financial Economics, Newfin - Financial Innovation Research Centre

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25-01-2021
Public Hearing on "Gender aspects of precarious work"
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FEMM
26-01-2021
Public hearing on Co-management of EU fisheries at local level
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PECH
27-01-2021
EPRS online policy roundtable: President Biden’s first 100 days
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