Jan Kregel
- Published in print:
- 2011
- Published Online:
- November 2015
- ISBN:
- 9780231157643
- eISBN:
- 9780231527279
- Item type:
- chapter
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231157643.003.0012
- Subject:
- Economics and Finance, Financial Economics
This chapter examines the economic rationale for the proposals made by the United Nations Commission of Experts on Reform of the International Monetary and Financial System. The independent ...
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This chapter examines the economic rationale for the proposals made by the United Nations Commission of Experts on Reform of the International Monetary and Financial System. The independent commission was created to analyze the causes of the global financial crisis and to suggest adequate responses to reform financial markets, with the goal of restoring global economic stability. Taking into account the failures of both macroeconomic and financial regulations leading to the crisis as well as challenges of international economic governance and systemic reforms, the commission proposed measures that are not only concerned with macro-financial reforms for greater financial risk mitigation and monetary stability, but also with creating the conditions for more equitable and sustainable development in light of contemporary conditions. One of the commission's recommendations calls for the creation of a new credit facility to provide funding for stimulus packages in developing countries. Another is the establishment of a Global Economic Coordination Council (GECC) to provide a democratically representative alternative to the Group of 20 (G20).Less
This chapter examines the economic rationale for the proposals made by the United Nations Commission of Experts on Reform of the International Monetary and Financial System. The independent commission was created to analyze the causes of the global financial crisis and to suggest adequate responses to reform financial markets, with the goal of restoring global economic stability. Taking into account the failures of both macroeconomic and financial regulations leading to the crisis as well as challenges of international economic governance and systemic reforms, the commission proposed measures that are not only concerned with macro-financial reforms for greater financial risk mitigation and monetary stability, but also with creating the conditions for more equitable and sustainable development in light of contemporary conditions. One of the commission's recommendations calls for the creation of a new credit facility to provide funding for stimulus packages in developing countries. Another is the establishment of a Global Economic Coordination Council (GECC) to provide a democratically representative alternative to the Group of 20 (G20).
