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In Pursuit of Better Economic Governance: The Contribution of the G20 and BRICS

In: The Future of Global Economic Governance

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  • Marina Larionova

    (Centre for International Institutions Research (CIIR), Russian Presidential Academy of National Economy and Public Administration (RANEPA)
    Faculty of World Economy and International Affairs, National Research University Higher School of Economics)

Abstract

The G20 and BRICS were born in a crowded world of international institutions following the 2008 financial and economic crisis. The G20 sought to manage the crisis, reform the international architecture and devise a new global consensus. BRICS committed to foster cooperation and policy coordination between its members and promote the international institutions reform. However, 10 years later, the G20’s and BRICS’ pursuit of the international monetary and trade systems reform has produced no fundamental results. This chapter looks into the history of the international monetary and trading systems reform endeavours and examines G20 and BRICS engagement with international organisations for better economic governance, focusing on the IMF, the MDBs and the WTO. It argues that the G20 and BRICS must increase efforts to create a global governance system that reflects new economic and technological realities, responds to persistent challenges, and creates conditions for a balanced and inclusive growth.

Suggested Citation

  • Marina Larionova, 2020. "In Pursuit of Better Economic Governance: The Contribution of the G20 and BRICS," Springer Books, in: Marek Rewizorski & Karina Jędrzejowska & Anna Wróbel (ed.), The Future of Global Economic Governance, pages 59-71, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-35336-0_5
    DOI: 10.1007/978-3-030-35336-0_5
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