Posts Tagged ‘g7’
If you’d like to attend the G8 Ministers of Finance meeting this weekend, the Italian Ministry of Finance has put out a handy travel guide. Alternatively, take a look at my preview on The New Republic’s website. Our leadership appears to be resting on its laurels after the April G20 summit – or perhaps they think the next [...]
The global crisis approaches another major twist in its downward spiral. A key barometer of financial and fiscal pressure – the credit default swap (CDS) spread – has widened sharply for Irish government debt over the past few days; the markets think that the risk of a sovereign default is rising sharply. Immediate action is needed to [...]
The G7 did speak on major exchange rates, over the weekend, as expected. But they only spoke about the yen’s “recent excessive volatility.” This was about the least they could say under the circumstances, and it is not clear that it will do anything – other than encourage further flows into the dollar. Why did [...]
Saturday, October 11, 10pm. The world’s finance ministers sat for several tests this weekend, and it’s not yet clear how they did. If we set the bar low enough (i.e., no public criticism of each other), they did OK. The Italian finance minister did threaten not to sign the communique on Friday afternoon, but this [...]
As we’ve discussed previously, this weekend’s meetings of the G7 and the IMF are crucial to halting the financial crisis. This weekend, we’ll be updating you on events as they happen. Update (Friday evening): The G7 statement is pretty much a general set of principles with which it would be hard to disagree, with very [...]
We already know that at least some people in major European countries (Peer Steinbrueck, this means you) are mad at the U.S. for “causing” the global financial crisis. But while many of the rest of the G7 are at least complicit – European banks were buying large piles of the same mortgage-backed securities that set [...]
For the reasons I laid out last weekend, the G7 meeting of finance ministers today could be pivotal. The G7 and their close allies are the epicenter of the global crisis, and they most definitely have the financial resources and combined brainpower needed to turn things around, starting with bold, decisive action today. They cannot do [...]
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The G7/G8: Why Bother? (A Viewer’s Guide)
July 8, 2009 in Commentary, Viewer's Guide
Tags: g7, G8, summit
The G7 was originally conceived as a form of steering committee for the world economy (antecedents). Existing formal governance mechanisms, around the IMF and the UN, seemed too cumbersome (and too inclusive) during the 1970s, with the breakdown of fixed exchange rates, assorted oil shocks, and the broader shift of economic initiative towards Western Europe [...]