IDEAS home Printed from https://ideas.repec.org/p/mrq/wpaper/0404.html
   My bibliography  Save this paper

The Significance of the Economic Summits

Author

Listed:
  • Joseph P. Daniels

    () (Center for Global and Economic Studies, Marquette University)

Abstract

It is argued here that the summits should not be transformed or elevated to some system of global economic governance. Rather, global economic stability depends on good domestic economic policymaking and, thus, the economic summits cannot substitute for effective and effcient policymaking within sovereign nations. The summits, therefore, should be seen first and foremost as a means for improving and generating better domestic policies via cooperation as opposed to delivering packages of coordinated policies. By focusing on international economic policy cooperation, the summits can contribute much to improving domestic economic policymaking. The protest at the Genoa summit and the events of September 11 provide a well-timed opportunity to rethink the format of the summits, to streamline the process, and to return to the European or Rambouillet model of summitry. Perhaps this is the path the summits are on following the �secluded and intimate� 2002 summit in Kananaskis (Bayne, 2002). The world was a very uncertain place in 1975. There were oil shocks, an unsettled foreign-exchange system, and a global recession. The original summit was formed to deal with these uncertainties. The world is again an uncertain place, with financial crises, the emergence of Russia and China as political and economic forces, terrorist attacks on the United States, an economic downturn among the advanced economies, and turbulence in the world�s equity markets. The annual summits remain as a significant forum for sharing information and reducing this uncertainty.

Suggested Citation

  • Joseph P. Daniels, 2004. "The Significance of the Economic Summits," Working Papers and Research 0404, Marquette University, Center for Global and Economic Studies and Department of Economics.
  • Handle: RePEc:mrq:wpaper:0404
    as

    Download full text from publisher

    File URL: http://www.busadm.mu.edu/mrq/workingpapers/wpaper0404.pdf
    File Function: First Version, 2004-01
    Download Restriction: no

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Stracca, Livio & Lo Duca, Marco, 2014. "The effect of G20 summits on global financial markets," Working Paper Series 1668, European Central Bank.

    More about this item

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mrq:wpaper:0404. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Andrew G. Meyer). General contact details of provider: http://edirc.repec.org/data/ecomuus.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.