Working Group III - Governing global financial markets
With the effects of the current global economic and financial crisis still being felt by millions around the world, the working group on global financial governance tackled the challenge head on: how can we get to stable, inclusive and efficient global financial markets and avoid another major financial and economic crisis on the road to 2020 and beyond?
- Fellows of the working group on governing global financial
markets defining the key factors influencing the international
financial makerts.
The working group defined "stable" as sustainable and without "excessive volatility", "inclusive" as allowing "access to financial markets" and decision-making to all players including developing economies and "efficient" as accountable and transparent process for actions and decisions. The group discussed that there are possible trade-offs between the individual goals that need to be addressed through the course of the GG2020 program.
During the first session in Berlin, the working group focused on identifying the key factors that will likely shape global financial markets and their governance in the coming ten years: from levels of public debts in the US and Europe, the political choices of the creditor economies, exchange rate decisions, public trust in markets to the regulatory capacity at both the national and global level.
- Henrik Enderlein and Inge Kaul discussing the
findings from the working group on global
financial markets during the GG2020 Berlin
session.
In terms of thinking about scenarios, the group was mindful of the fact that drawing lessons from the last crisis will not be enough to prepare for the next crisis which is likely to be different.
The group had the opportunity to discuss its preliminary findings with Henrik Enderlein, Associate Dean and Professor of Political Economy at the Hertie School of Governance as well as Inge Kaul, Adjunct Professor at the Hertie School of Governance and a former senior UNDP official.
The group also met with State Secretary Jörg Assmusen at the German Ministry of Finance to discuss current developments on German and EU policy at the G-7 and G-20.
