Summits, Change and Global Financial Institutions


	Summits, Change and Global Financial Institutions

Forbes Markets

4-2-2009 4:47 PM

490 views

tags:

global financial crisis, financial regulation, g-20

Forbes Markets says:

Why summits matter little and evidence to back up that assertion.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/6ef27ec2-85b0-4fdf-8903-90f244ca93d6/9661BF2B-8AC5-4888-A356-0F9DBD7B3C7B/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://blogs.cfr.org/setser/2009/04/02/summitry-the-global-financial-architecture-and-change/" href="http://blogs.cfr.org/setser/2009/04/02/summitry-the-global-financial-architecture-and-change/" style="font-size: 11px;">blogs.cfr.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.cfr.org/setser/2009/04/02/summitry-the-global-financial-architecture-and-change/"><P>About three months ago, the editors of Finance and Development (an IMF publication) asked me to reflect on <A href="http://www.imf.org/external/pubs/ft/fandd/2009/03/setser.htm">the lessons the effort to reform the international financial architecture in the 1990s</A> holds for today’s effort to reform the global financial system.    Then, as now, there was a real desire to create a system that was less prone to major crises — though the financial crises of the late 1990s were concentrated in the emerging economies, not the US and Europe.   </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.cfr.org/setser/2009/04/02/summitry-the-global-financial-architecture-and-change/"><P>One of my conclusions was that summits rarely are the venue for the key decisions that end up defining the character of the world’s financial system.    Many of the decisions that ended up mattering the most were fundamentally national decisions.   Other key decisions were made in the heat of an acute crisis — not in a conference room hashing out communique language.   </P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/9661BF2B-8AC5-4888-A356-0F9DBD7B3C7B/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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