2013 Poses Challenges To Global Governance

Coming Year Poses New Challenges To Global Governance
Looking toward trends in 2013, a group of analysts from the Council on Foreign Relations offered their assessments of the coming challenges to global governance.

Council on Foreign Relations President Richard N. Haass believes the three top challenges are trade issues, cybersecurity, and climate change, while Michael Fullilove, Executive Director, Lowy Institute for International Policy, sees the major challenge to global governance is to “establish shared responsibility for the most intractable problems of our post-unipolar world.

Jiemian Yang, Shanghai Institutes for International Studies, and Igor Yurgens of the CFR’s Institute of Contemporary Development also offer their opinions.

Chinese President Pledges Support For Global Economy Perhaps it is his New Year’s resolution. In a speech marking the beginning of 2013 Chinese President Hu Jintao said his nation would “step up efforts to promote strong, sustainable and balanced growth in the world economy.”

Of course, Hu will leave office in March, but the incoming government has promised to rein in extravagant spending and other luxuries which have defined regimes in the past, reports Bloomberg News.

Fiscal Cliff Is Just A Warm Up For Debt Ceiling Debate
As Congress continues to negotiate over the fiscal cliff, there is another looming crisis which could have a far greater impact on global markets.

Liam Halligan argues in the London Telegraph that the cliff fears will be “replaced by concern about the US ‘debt ceiling’ and that the current dispute turns out to be just a dress rehearsal for a much more serious row – one that really could destabilise global markets.”

He adds that “the only way to rediscover growth” in major economies is to pursue a policy that involves “de-levering, structural banking reform and a steady and deliberate scaling back of the state.”


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