The “Global Policy Dialogue on Global Economic Institutions” – organized by Friedrich-Ebert-Stiftung (FES), the Stimson Center and World Leadership Alliance-Club de Madrid (WLA-CdM) – was held on November 19, 2019 and hosted at the World Bank by Germany’s Executive Director, Jürgen Zattler.
It provided an informal, Chatham House Rule setting for a focused discussion on challenges to and renewed vision for the international rules-based multilateral system. Experts from around the globe introduced and participated in three roundtable sessions:
- Exploring ideas for renewing international cooperation;
- Strengthening the macro-economy for both long-term health and short-term crisis management; and
- Building political will behind an effective and fair trading system.
In addition to the discussions, there was a two-part keynote session. Part one featured the reflections of World Bank Vice President Mahmoud Mohieldin on revitalizing international cooperation. Part two was a question and answer session with WLA-CdM members, and the former Prime Ministers Mehdi Jomaa (Tunisia 2014-15) and Yves Leterme (Belgium 2009-11). Participants debated the political costs of reforms and how to overcome them. This was also the subject of an October 2019 IMF Staff Discussion Note co-authored by Davide Furceri, who introduced the subject prior to the Prime Ministers’ debate.
In June 2019, attendees took part in a previous dialogue, “Global Policy Dialogue on Global Security, Justice, and Economic Institutions,” held at the Stimson Center. That discussion concluded with a recommendation for a more focused discussion of global economic institutions, and thus encouraging the “Global Policy Dialogue on Global Economic Institutions.”
“Each of the institutions of global economic governance is, in critical ways, impeded by asymmetries and internal imbalances that make it difficult to address the global challenges in their respective mandates, and that similar challenges are faced by informal forums such as the G20.”
Both the November and June Global Policy Dialogues aimed to contribute ideas to strengthen and further innovation of global economic institutions and in connection with intergovernmental deliberations in preparation of the United Nations’ April 2020 High-level Dialogue on Financing for Development and 75th Anniversary Summit in September 2020 in New York. The discussions will also serve the annual G-20 Summit and principals’ level meetings of the World Bank, International Monetary Fund, and World Trade Organization.