Global governance must aim for open trade and borders between economies. The responsibility of advanced economies is wide and must be visible in the framework of global economic governance. At the same time, global governance must be built on universal principles and accountability, thereby laying the ground for successful implementation, Gunnar Hökmark said during the hearing today in the European Parliament.
The Parliament’s Economic and Monetary Affairs Committee today held a public hearing on the subject of Gunnar Hökmark’s report Global economic governance. Invited guests to the hearing were Pierre Jaillet of the G-20 Presidency, Rodolphe Blavy from the International Monetary Fund, André Sapir from Bruegel and Jacob Kirkegaard of the Peterson Institute for International Economics in Washington.
Various proposals for reforming the global framework and its institutions were presented and the discussion focused much around the allocation of tasks and responsibility between G-20 and the IMF. The hearing can be viewed on the European Parliament’s website (June 27th and then ”ECON”).
The report will now be subject to compromise negotiations ahead of the vote in the committee, tentatively scheduled for September 19. Thereafter, the Parliament in its entirety will vote on the report in October.