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Issue 4/Jul-Aug 2010

* Time to Deliver: The Group of 20 at the Crossroads. Between Toronto and Seoul
The summit meeting of the Group of 20 most important industrialised and emerging countries (G20) in Toronto on 26-27 June 2010 reminded us that even extended informal management bodies in the global economy can only be as good as their member governments. Since the Pittsburgh summit last autumn there has been virtually no recognisable progress in the field of international cooperation, Rainer Falk analyses.

* Taming of Finance in Times of Austerity. From stimulus to consolidation?
It was not long ago that we could say, “We are all Keynesians now.” The financial sector and its free-market ideology had brought the world to the brink of ruin. Markets clearly were not self-correcting. Deregulation had proven to be a dismal failure. The “innovations” unleashed by modern finance did not lead to higher long-term efficiency, faster growth, or more prosperity for all. A comment by Joseph E. Stiglitz

* Hungary's Defiance of IMF and EU Authorities. Guardians of austerity in Europe in disarray
The government of Hungary has taken on a lot of powerful interests in the last couple of months, and so far appears to be winning – despite provoking outrage from “everybody who’s anybody.” “The IMF should hold the line,” shouted the Financial Times in an editorial the day after Hungary sent the IMF packing in July. “With so many countries in vulnerable positions, it cannot be seen to be a soft touch. Showing a few yellow and red cards is a good way to send a signal to other governments that might be tempted to flirt with indiscipline.” A comment by Mark Weisbrot

* Seperately (as free content): The European Civil Society Round-Up

WDEV 4/Jul-Aug 2010 as PDF file for subscribers >>> HERE

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Myanmar - a new darling of the West
After decades of isolation - imposed by major OECD countries out of concern for the country's human rights violations - Myanmar is emerging as a new darling of the "West" - judging by the accelerating succession of visits by senior officials and gurus. New groups of investors are waiting to enter the country as soon as possible.
Prognosis 2012: On the brink of a global recession
Persistent high unemployment, the euro area debt crisis and premature fiscal austerity have already slowed global growth and factor into the possibility of a new recession. Now the United Nations have downgraded significantly its forecasts for the world economy in the next year.
Back to the IMF? Hungary under siege by creditors
Eastern European states are in for a new round of the crisis. The external control of the banking sector and high reliance on external credit has landed the countries of Eastern Europe in a vulnerable position. Now, credit flows from Western banks are drying up again. Hungary has been the first country in the region to ask for IMF support again.
G20: The wrong forum for development policy
While the G20 efforts to manage global aggregate demand, exchange rate management and stronger regulation of the international financial sector have not worked out quite as planned, in Cannes the Group was further solidifying its role in directing the system of multilateral institutions.
Reality of German aid is changing under Niebel
In November 2011, the German Federal Ministry for Economic Cooperation and Development (BMZ) is celebrating its 50th anniversary.The new Minister, Dirk Niebel of the (neo)-liberal FDP has launched a 'radical change of course'. In the recent edition of the Reality of Aid shadow report the change is analyzed.

Issue 4/Jul-Aug 2010

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