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4¬01"6-0 #3";*-/07&.#&3 Contributors include Õ>Ê>ÌÊUÊ}iÊÕÀÀ>Ê ÊÀÌÊUÊÕâÊ?VÊÕ>Ê `>Ê-Û>ÊUÊÕ`Ê>Ìi}> *>ÕÊ>ÀÌÊUÊ/à ÀÊÕÌ ÊÀ`Ê,Õ}iÊUÊ ÀÃÌ>Ê->ÕÌÌiÀÊ >ÀÃÊÊ/ ÕiÊUÊ,V >À`Ê7>Õ} (3085) *//07"5*0/ */$-64*0/5)&("55&/ Limiting the economic fallout Paola Subacchi The G takes centre stage Extraordinary meeting in Washington DC, 11 October A process of stabilisation Chiara Oldani )$ '"( )& !%*# * THE BANK OF NATIONAL DEVELOPMENT !""$ "!" #" %$#"! $# "! $$"" %" "#$$!" $""$$"$" "" $ " "$!$# $" $"#$"$" ! "#$"$ ! %$#$$"$$ #""" G20 4¬01"6-0#3";*-46..*5 Editors John Kirton Madeline Koch Senior researcher Jenilee Guebert Group editorial director Claire Manuel Managing editors Suzy Robinson Lauren Rose-Smith Sub-editor Nick Gordon Group art director David Cooper Art editors Nicky Macro James White Designer Zac Casey Group production director Tim Richards Group sales director Andrew Howard Sales manager David O’Neill Sales executives Philip Sims, Renford Warmington Client relations director Natalie Spencer Newsdesk Communications Ltd publishes a wide range of business and customer publications. For further information please contact Natalie Spencer, client Group commercial director Mark Payne relations director, or Alan Spence, chief executive. Deputy chief executive Hugh Robinson Newsdesk Communications Ltd is a Newsdesk Media Publisher and chief executive Alan Spence Group company. © 2008. The entire contents of this publication are Pictures Alamy, Corbis, Getty, Reuters protected by copyright. All rights reserved. No part of Printed by Buxton Press this publication may be reproduced, stored in a retrieval ISBN 978-1-905435-84-5 system, or transmitted in any form or by any means: electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher. Published by Newsdesk Communications Ltd The views and opinions expressed by independent 5th Floor, 130 City Road, London, EC1V 2NW, UK authors and contributors in this publication are Tel: +44 (0) 20 7650 1600 provided in the writers’ personal capacities and are their Fax: +44 (0) 20 7650 1609 sole responsibility. Their publication does not imply www.newsdeskmedia.com that they represent the views or opinions of Newsdesk Communications Ltd and must neither be regarded as On behalf of the G20 Research Group constituting advice on any matter whatsoever, nor be University of Toronto, 1 Devonshire Place, Room 209N, interpreted as such. The reproduction of advertisements Toronto ON M5S3K7, Canada in this publication does not in any way imply Tel: +1 416 946 8953 endorsement by Newsdesk Communications Ltd of www.g20.utoronto.ca products or services referred to therein. ( 4¬01"6-0#3";*- /07&.#&3 5 Contents Contents Forewords 32 Fundamental principles for global financial governance 11 Welcome Christian Sautter, former finance minister, Luiz Inácio Lula da Silva, president of Brazil Republic of France 12 Brazil takes the chair 36 From Bretton Woods to the G20 Guido Mantega, minister of finance, Brazil Giuliano Amato, former finance minister and former prime minister 16 The G20 takes centre stage of Italy John Kirton, director, G20 Research Group 40 Ten years on Andrew F Cooper, associate director, 18 Planning for the future Centre for International John Kirton, director, Governance Innovation G20 Research Group 20 Brazil and the G20: On the agenda leading the way Denise Gregory, executive director, 45 The OECD: an active player in and Mariana Luz, academic co-ordinator, building global governance Brazilian Centre for International Angel Gurría, secretary general, Relations (CEBRI) Organisation for Economic Co-operation and Development From founding to future 48 A co-ordinated effort to resuscitate growth 22 Time for the G20 to take the Robert Fauver, former US under secretary mantle from the G8 of state for economic affairs and former The Right Honourable Paul Martin, G7 sherpa former prime minister of Canada 53 The Japanese crisis: 29 The birth of the G20 a valuable lesson Lawrence Summers, former Toshiro Mutoh, former deputy governor, US Treasury secretary Bank of Japan 6 ( 4¬01"6-0#3";*- /07&.#&3 Contents 56 Limiting the economic fallout 84 Meeting the challenge Paola Subacchi, research director, of social inclusion Chatham House Diéry Seck, director, African Institute for Economic Development and Planning 60 Reducing risk through policy co-ordination Richard Waugh, co-chair, Committee 88 The Doha Round: food crisis on Market Best Practices, Institute of on the agenda International Finance Supachai Panitchpakdi, secretary general, United Nations Conference on Trade 63 A process of stabilisation and Development Chiara Oldani, University of Viterbo ‘La Tuscia’ 91 Time to modernise the global financial institutions 67 A collaborative approach to global Colin I Bradford, Jr, senior fellow, energy issues Global Economy and Development Nobuo Tanaka, executive director, and Johannes F Linn, executive director, International Energy Agency Wolfensohn Center for Development, Brookings Institution 71 The price of climate change Alicia Bárcena, executive secretary, 94 World trade: Economic Commission for Latin America down, but not out and the Caribbean Sheila Page, senior research associate, Overseas Development Institute 75 Clean energy: prevarication is not an option 98 Averting the next water crisis Camilla Toulmin, director, Lars H Thunell, executive International Institute for Environment vice-president and CEO, International and Development Finance Corporation 79 Biofuels: what path forward? 101 Project financing, C Ford Runge, distinguished PPPs and the McKnight University professor of credit crunch applied economics and law, Geoff Haley, chair, International University of Minnesota Project Finance Association ( 4¬01"6-0#3";*- /07&.#&3 7 There’s the world of business and the world of people: we choose both. Cemig, 9 years as the only Latin American power company in the DJSI World. Cemig, the leading Brazilian power utility, has been selected for the Dow Jones Sustainability World Index, DJSI World, for the ninth consecutive year. It is the only Latin American electricity company included in this index. Cemig is a group of more than 40 companies plus 7 consortia generating, transmitting and distributing electricity in Brazil and Latin America, and also operating in natural gas. The Cemig Group adopts world-class best practices in governance, management, operation and relations with people, the markets and the environment. While operating this policy, the Cemig group has achieved and maintained sustainable growth, providing high returns, and a stable future outlook for its investors. Our business is to produce electricity, with quality, for 17 million people. Creating value for stockholders, employees, clients, operating partners and the communities around us is the commitment of our 10.000 employees. LISTED LISTED Contents Players, positions, approaches Member profiles 104 The role of the G20 123 Argentina Stormy Mildner, senior researcher, 124 Australia German Institute for International and Security Affairs 125 Brazil 126 Canada 107 Russia: a major player 127 China Victoria V Panova, Moscow State 128 France Institute of International Relations 129 Germany 111 Enhancing the 130 India G20’s efficiency 132 Indonesia Xaiojin Chen, International 133 Italy Technology and Economy 134 Japan Institute, China 135 Korea 114 India in the global economy 136 Mexico Yoginder K Alagh, chancellor, 137 Russia Central University of Nagaland, and 138 Saudi Arabia former minister, Power, Planning and 139 South Africa Science and Technology of India 140 Turkey 117 How effective is the G20? 141 United Kingdom Ariel Buira, member, Mexican Council 142 United States for International Affairs 143 European Union 120 South America and the G20: fostering growth José Maria Fanelli, Centro de Appendices Estudios de Estado y Sociedad, Buenos Aires 144 Bibliography and websites ( 4¬01"6-0#3";*- /07&.#&3 9 Vision Brazil Investments, based in Sao Paulo, Brazil, is focused on investment advisory and structured finance. Vision is a leader in originating and structuring asset based lending and structured finance transactions in Brazil, focusing on the following segments: Agricultural Credit, Real Estate Development and Securitization, Consumer Finance, Restructured Debt/Distressed Debt Recovery, Renewable Energy and Agricultural Land Investment. Vision Brazil Investments, Hungria, 514 - 9° floor, Sao Paulo, Brazil Tel: +55 11 3817 1600 • E-mail: [email protected] • www.visionbrazil.com Welcome Welcome Brazil is honoured to chair the G20 in 2008 and to welcome all members to the debates it will host on the major financial and economic issues facing the international community By Luiz Inácio Lula e are living in stability, job creation, rising incomes and an expanding da Silva, president times of changing consumer market are the ingredients of this virtuous of Brazil paradigms and cycle of long-term growth. unexpected threats. These achievements in Brazil and elsewhere in the The prolonged developing world have lifted millions out of poverty expansion that and opened the doors to prosperity for countless others. the international In the face of the unfolding financial turmoil, it behoves economy has international institutions to act swiftly and decisively to enjoyed over recent help preserve these historic gains. years – thanks to low interest rates and reduced risk More broadly, the Bretton Woods institutions require Waversion – has given way to financial turmoil and a major overhaul in order to respond
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