From Central Banks To The G20, We Live In A Global World

Are We Living In A World Governed By Central Banks?
Every nation believes it is the ruler of its own future, but Jeff Cox of CNBC argues that it is the central banks which currently hold the reins.

“Indeed, central banking has become an economy unto itself, a multi-trillion-dollar empire that massages and manipulates markets, which respond to the slightest news out of the respective entities’ policy making committees,” Cox notes.

“And if you’re looking for the off-ramp, a point at which the central banks let the free market to its own devices, don’t hold your breath,” he adds.

Global Governance Reform As One Key To Future Prosperity
Former British Prime Minister Tony Blair argues that future economic growth can for individual nations relies on cooperation and healthy global governance. Not only is there a need to strengthen global institutions, but examine how they are structured.

“Internationally, we also have to take on the challenge of renewing global governance. Global governance sounds detached from the current debates about austerity and public services. But if you think about it, it really means nations coming together to take on problems that they can’t solve alone. And if there’s one thing the world financial crisis has taught us, it’s that many of today’s biggest problems are global and need global solutions,” Blair writes onCNN’s site.

Is The G20 A Model For How To Reshape The World Order?
“Global governance is not the responsibility of the few; rather, it should be an undertaking by the many. The dramatic upward trajectory of the G20 is a rare glimpse into the international cooperation and political globalization processes,” contends Vahram Ayvazyan in The Diplomatic Courier.

Ayvazyan notes that the initial purpose of the G20 was to manage economic issues, but that is has demonstrated much influence on global governance in a broder context.

“The recent study by Homi Kharas and Domenico Lombardi of The Brookings Institution underlines the overarching impact that the G20 has on the global governance, calling it the “best available option” for global economic governance,” he notes.

So, is the G20 a model for the future?He says the “time has come to reshape world order” and that the “G20 appears to be a robust body capable of and structured to dealing with the 21st century’s challenges.


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