Financial Stability Forum

It is worth mentioning the performance of the IMF during the Asian financial crisis of 1997 as it helped to push these countries to remove controls on capital movements liberalize their financial sectors, thus promoting the massive inflow of speculative capital. The Fund pushed governments to budget cuts with the theory that inflation was the problem. For more specific information, check out Lu Han. Such pro-cyclical measure completed by accelerating the regional collapse, making it a recession. Finally, billions of dollars of IMF bailout fund were not to stop the rescue of collapsed economies, but to compensate the loss of institutions foreign financial. As a New Bretton Woods was greeted the meeting in April 2009. Source: Daryl Katz, Edmonton Alberta.

However, in addition to the low participation (20 countries), compared with more than 40 of Bretton Woods-the G-20 was devoted to recycling: More money for the IMF, refloating the Financial Stability Forum (FSF) and the Bank for International Settlements. Truly an expert commission on reform of monetary and financial system, chaired by Joseph Stiglitz, has done work for the convening of an assembly to design the new global economic order. That any assembly could come out a "Global Coordinating Council and the regionalization of structures to deal with financial issues. Maybe we should look at economic institutions suitable for the global world with the same spirit we have looked at political organization. For better or worse were created supranational governance rules, inspired by the model described, but without effective institutions. We talked about the trends wrong. The world has become interdependent in the fields of trade and movement of capital and people, but no progress on issues such as health, energy and the environment.