The G20 has produced mixed results. After initial high hopes and some success, negotiations within the G20 forum have slowed, progress is less visible and disagreement rather than agreement has come to the fore. Against this background, this paper revisits the basic economic and geopolitical...

Ignazio Angeloni believes that the increase in financial interdependence in recent decades has not been matched by sufficient progress in the international coordination among regulatory authorities. In fact, the international financial system has suffered from insufficient globalisation of...

There is an unequivocal sign that a cooperation mechanism, a policymaking forum, a â??Gâ?? in short, is losing effectiveness; that its agenda is becoming an end in itself rather than a premise for purposeful action. It is when its press communiquées lose focus and turn into long lists of...

In this paper Bruegel Visiting Scholar Ignazio Angeloni (European Central Bank), Ester Faia (Goethe University Frankfurt, Kiel IfW and CEPREMAP)  and Marco Lo Duca (European Central Bank) examine the links between monetary policy, financial risk and the business cycle, combining data evidence...

In this timely policy contribution, Visiting Scholar Ignazio Angeloni suggests that the Pittsburgh G20 may represent policymakers' last chance at real financial market reform. He develops a shortlist of recommendations for world leaders to tackle at the summit and says that world leaders at the...

The clock is ticking for the G20. Not a new actor on the international stage â?? it met for the first time in 1998, after the Asian and Russian defaults â?? the G20 has dramatically raised its profile recently, as a consequence of the financial crisis and the international recession. In its...

In spite of the disappointing outcome of some recent summits, notably the most recent in Cannes, the G20 is and should remain the cornerstone of the global financial architecture. Its record of performance in the last three years, reviewed in this paper, is mixed but not as unambiguously...

In a way few predicted only weeks ago, reality is knocking at the G20â??s door: the European debt crisis has taken a turn that threatens the global economy. The plans for the next meeting of heads of state or government, convened for November 3 and 4 at Cannes, need rethinking. Still today, the...

After a thirty-year pause, discussions on the future of the international monetary system (IMS) have restarted. This is partly due to the fact that the IMS has facilitated, or at least not prevented, the economic and financial imbalances that led to the recent crisis. This paper argues that the...

The G20 acted as a crisis manager when global financial markets were under threat in 2008 and 2009, and contributed to a positive outcome. However since then, in the more routine work of crisis prevention, its performance has been less convincing at best, and criticism of its effectiveness has...