there is growing concern as to whether US authorities are not increasingly poking in the dark with their policy measures. QE3 has mainly boosted the stock market, not the real economy - and even the stock market effect is wearing off.


Global governance reform is about much more than changing voting rights in the IMF's and the World Bank's boards. It concerns a very hands-on process to ensure a fair and equitable share of the burdens of adjustment in the global economy and finance.

The success of this campaign owes much to the fact that the richer countries from the South now act very much as global lenders, too. As a result, it can no longer be said that a bigger role for the emerging market economies would mean putting the borrowers in charge of an institution that ought to be rightfully controlled by the lenders.

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