Sunday, August 17, 2014

Reforming the global financial system

I want to invite you to agree or disagree with a thought I am playing with to stimulate my thinking about an agenda for the proposed new G24 (some readers have suggested to call it G25 to distinguish it from the existing G24):  

I do not think we should maintain or make more shock proof the current world financial system and give it a crucial role in restoring global economic growth. 

Instead, we should reform the international monetary and financial system and think more about, and discuss more widely, the kind of global economic growth (or de-growth) we want in response to needs and desires, and the way a reformed global financial system may support growth or de-growth.

Even though reform of the global financial system lacks the support from Europe and the United States, we should continue efforts to reform the system. 

This is one of the issues for which the G25 should formulate good policy proposals and find the right people to promote them. 

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