Rethinking the global financial architecture – perspectives from civil society
Soren Ambrose, Development Finance Coordinator, Action Aid International
Policy responses to unfettered finance
Pablo Heidrich, Senior Researcher, The North-South Institute
Thinking the unthinkable – The global financial crisis as an opportunity for transformative and systemic change?
Welcome and introduction to the panel.
Moderator: Kari Polanyi Levitt, Emerita Professor of Economics, McGill University
| Topic | Presentation | Speech |
| KEY NOTE: Thinking the unthinkable – The global financial crisis as an opportunity for transformative and systemic change? | Podcast | |
| Causes of, and responses to, the global financial crisis - Chuck Freedman, Co-Director, Centre for Monetary and Financial Economics, Carleton University |
Executive Summary
2010 will be a decisive year for Canada, and for the world. The deadline for meeting the world’s Millennium Development Goals (MDGs) is only five years away. Our decisions on economic reform and climate change will determine the success of world’s efforts to reduce poverty and reverse dangerous global warming for the next generation and beyond. As host of the next G8 and G20 Summits, Canada can make the difference between relegating these aspirations to a distant hope in an uncertain future and confirming the possibility of achieving these goals in our lifetime. The consequences of reneging on our promises are unthinkable for the millions around the world looking towards a new model of globalization that is socially responsible, economically sustainable and environmentally just.
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Since September 2008, when the financial crisis took on global dimensions, the Group of Twenty has met three times at the level of Heads of State, and with a seeminly impressive array of commitments on tax issues, emergency finance, trade finance, global governance, regulating private capital, and redefining new roles for existing and new global institutions. But what is missing in their response to the global crisis? Who are the real winners and losers? What has really changed, and what hasn't? And are the levels of change commensurate with the tectonic shifts taking place in the global economy and with the degree of impact on the ground? Perhaps more importantly, are these the type of changes to ensure a crisis like this never happens again? What: What's missing in the response ot the global financial crisis? Who: Organized by the Halifax Initiative Coalition; co-hosted by The North-South Institute and the University of Ottawa. When: October 19 - 20, 2009. Why: The conference will look at current responses to the financial crisis, identify where those responses are falling short, and propose some policy alternatives ahead of Canada hosting the Group of Eight Summit in 2010. |
IN THIS SECTION CONFERENCE DETAILS
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A Focus on Poverty, Economic Reform and Climate Change
In 2010 Canada will play host to the world. The Vancouver Olympics and the G8 and G20 Summits in Muskoka and Toronto will draw the attention of millions to Canada, its geography, its values, policies and practices. If 2008 was the year of China, then 2010 can be the year of Canada. Around the globe, Canadians proudly sport the Canadian flag in traveling as a symbol of Canadian democracy, openness and concern for human rights. Yet our great international achievements of the past—Canadian contributions to the establishment of international peacekeeping, the Universal Declaration of Human Rights, the Ottawa Treaty to Ban Landmines and the International Criminal Court—are today clouded by concerns about Canada’s current role in climate change negotiations, Afghanistan, reform of the global economy and addressing global poverty.
G-20 response to financial crisis - money, money, money
All eyes were on the Group of 20 (G-20) this month as they met in London and announced a whopping $1.1 trillion to stimulate the global economy. The impressive figure and various commitments on tax havens, regulation, and boosting the IMF’s lending capacity (See “Just the Facts”) grabbed the headlines and saw stock markets respond positively the next day.
Financial crisis a boon for ECAs
While hefty public bailouts of the financial and auto industries have stimulated debate on the role of governments in commercial markets, one form of government subsidy has flown beneath the proverbial radar: export credit. Confronted by an increasingly dire financial crisis, Western governments are using their export credit agencies (ECAs) to boost liquidity and rescue faltering industries. At an extraordinary World Trade Organization meeting last month, participating governments reported a 30% increase in ECA business over the previous 12 months. The WTO called for even greater reliance on public credit to lessen the burden on commercial banks. Shortly afterwards, the OECD announced an agreement with non-members, including Russia and Brazil, to provide markets with publicly-sourced export credit.
