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Global Governance: Demise Or Transformation? Progress Report on the Transformation of Global Governance Project 2018-2019

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Global Governance: Demise Or Transformation? Progress Report on the Transformation of Global Governance Project 2018-2019 Global Governance: Demise or Transformation? Progress report on the Transformation of Global Governance Project 2018-2019 EDITED BY George Papaconstantinou and Jean Pisani-Ferry © European University Institute, 2019 Editorial matter and selection © George Papaconstantinou and Jean Pisani-Ferry, 2019 Chapters © authors individually 2019. This text may be downloaded only for personal research purposes. Any additional reproduction for other purposes, whether in hard copies or electronically, requires the consent of the Florence School of Banking and Finance. If cited or quoted, reference should be made to the full name of the author(s), editor(s), the title, the year and the publisher. Views expressed in this publication reflect the opinion of individual authors and not those of the European University Institute. Published by European University Institute (EUI) Via dei Roccettini 9, I-50014 San Domenico di Fiesole (FI) Italy ISBN: 978-92-9084-788-5 doi:10.2870/310247 QM-02-19-601-EN-N Artwork: ©iStock:AF-studio FLORENCE SCHOOL OF BANKING & FINANCE Global Governance: Demise or Transformation? Progress report on the Transformation of Global Governance Project 2018-2019 EDITED BY George Papaconstantinou and Jean Pisani-Ferry European University Institute, Florence, Italy The Transformation of Global Governance The Transformation of Global Governance Project is a horizontal initiative at the European University Institute, a joint endeavour of the School of Transnational Governance and the Tommaso Padoa-Schioppa Chair in European Economic and Monetary Integration at the Robert Schuman Centre for Advanced Studies. More information on the project is available at: tgg.eui.eu INDEX Introduction A research and policy agenda (George Papaconstantinou, Jean Pisani-Ferry) 1 Section 1: International trade The governance of international trade: reshape or demise? 17 • Seminar insights (Bernard Hoekman, George Papaconstantinou and Jean Pisani-Ferry) • Keynote address by Lim Hng Kiang: Trade governance today (summary by Adrien Bradley) • Seminar minutes (Adrien Bradley) Section 2: Competition policy on a global scale Extraterritoriality and cooperation in competition policy 35 • Seminar insights (George Papaconstantinou, Jean Pisani-Ferry and Guntram Wolff) • Seminar minutes (Adrien Bradley) Section 3: Capital markets and the global financial safety nets The governance of global financial safety nets: fit for purpose? 49 • Seminar insights (Erik Berglof, George Papaconstantinou, Jean Pisani-Ferry, Andrés Velasco) • Keynote address by Thomas Wieser: Financial Safety Nets: a European perspective (summary by Adrien Bradley) • Seminar minutes (Adrien Bradley) Section 4: The regulation of global banking The governance of international banking 71 • Seminar insights (Elena Carletti, George Papaconstantinou and Jean Pisani-Ferry) • Keynote address: Global dimensions of banking regulation (Vítor Constâncio) • Seminar minutes (Adrien Bradley) VI Section 5: Tax competition and tax coordination Taxation governance in global markets: challenges, risks and opportunities 101 • Seminar insights (George Papaconstantinou, Jean Pisani-Ferry and Pascal Saint-Amans) • Keynote address by Pierre Moscovici: A European perspective on recent developments in international tax coordination (summary by Adrien Bradley) • Seminar minutes (Adrien Bradley, Alexander Sacharow) Section 6: Migrations Migration governance: a common approach? 121 • Seminar insights (Andrew Geddes, George Papaconstantinou and Jean Pisani-Ferry) • Seminar minutes (Adrien Bradley) Section 7: Climate The governance of climate change: making it work 143 • Seminar insights (George Papaconstantinou, Jean Pisani-Ferry and Laurence Tubiana) • Keynote address by Laurent Fabius: The Paris Agreement and its future (summary by Adrien Bradley) • Seminar minutes (Adrien Bradley) Section 8: Historical perspectives The governance of trade, finance and macroeconomic cooperation: a historical perspective since the 1970s 171 • Seminar insights (Emmanuel Mourlon-Druol, George Papaconstantinou and Jean Pisani-Ferry) • Seminar minutes (Adrien Bradley) Conclusion Collective action in a fragmented world (Jean Pisani-Ferry) 187 Biographies 199 VII index VIII index 1 Introduction: A Research and Policy Agenda George Papaconstantinou and Jean Pisani-Ferry 1 Why is international cooperation successful in some fields and not in some others? What are the most promising templates for international collective action in the present context? These are the questions at the origin of the “Transformation of Global Governance”2 project that we initiated at the European University Institute as a joint endeavour of the Tommaso Padoa-Schioppa chair of the Robert Schuman Centre for Advanced Studies and the recently created School of Transnational Gov- ernance.3 The motivation for addressing these questions stems directly from policy concerns. The rise of interdependence, its new and deeper pat- terns, as well as the emergence of true global commons of which climate is the most epitomic as well as the most important all call for enhanced and more effective forms of international collective action. At the same time, concerns about sovereignty, geopolitical rivalries and heterogeneity across nations limit the ability of the global community to engage in such an action. The institutional architecture of globalisation remains seri- ously incomplete, multilateralism is on the retreat, and the global insti- 1 We are grateful to Adrien Bradley of the EUI for very effective research assistance throughout the project. 2 The Transformation of Global Governance Project is a horizontal initiative at the Eu- ropean University Institute, a joint endeavour of the School of Transnational Govern- ance and the Tommaso Padoa-Schioppa Chair in European Economic and Monetary Integration at the Robert Schuman Centre for Advanced Studies. More information: https://tgg.eui.eu/ 3 The Tommaso Padoa-Schioppa Chair was established in 2014 in honour of the for- mer Italian Minister of Finance and member of the Executive Board of the European Central Bank. It is jointly funded by Italian institutions (Banca d’Italia, Banca Intesa, Generali) and the EUI. Its first holder was Professor Richard Portes. index 2 Introduction tutions that constituted the pillars of global governance have weakened. In short, the global community is confronted to the need to to address heightened challenges with enfeebled instruments. The issue “A house in order is not a city in order”, said Tommaso Padoa-Schioppa in one of his latest writings. “There are commons that bear no relation with what goes on within houses, but between houses [...] The commons can only be managed in common. This implies supranational authorities” (Padoa-Schioppa, 2009). Growing concerns about global commons are indeed a distinctive feature of the present times. Deepening global inter- dependence increasingly challenges the once-prevalent view that inter- national collective action problems can be regarded as second-order if governments follow sound, but domestically-centred policies – the Own House in Order doctrine. The last sentence of Padoa-Schioppa’s quote, however, is problem- atic: It may be right that supranational institutions equipped with legally enforceable instruments would provide the best possible response to the modern tragedy of the commons, but the probability that they would be created in today’s geopolitical and political conditions is virtually nil. Today’s world is not one where international law institutes “compul- sion” (Kelsen, 1934). It is closer to a world governed by an “unorganised and incoherent” World-State that has “neither an office nor an address” (Angell, 1915). There might furthermore be fewer true “global commons” than gen- erally thought. After it was developed by World Bank economists at the turn of the millennium (Kaul, Grunberg and Stern 1999), the “global public goods” concept started being applied in an indiscriminate way to a large set of concerted action issues, many of which did not really exhibit the features of a true global public good. Somehow any common resource problem was metaphorically looked at as a global public good problem, which led to the conclusion that nothing short of a global institution equipped with financial resources and/or legally grounded powers could help solve it. In the same way, any international coordination problem was metaphorically looked at as a prisoners’ dilemma problem, with the conclusion that nothing short of a binding coordination mechanism could help solve it.4 The policy coordination and collective action problems raised by 4 See Pisani-Ferry (2019a, 2019b) and Rodrik (2019). index Introduction: A Research and Policy Agenda - George Papaconstantinou and Jean Pisani-Ferry 3 international interdependence are in fact subtler than suggested by simplified models. Theoretically, their underlying game structures are diverse, and not all of them call for the same degree of centralisation (Sandler, 2004). In a whole range of cases, creating trust, ensuring trans- parency, defining common objectives and monitoring outcomes goes a long way towards addressing these problems; in others, leadership helps internalise externalities. Institutionally, there is also much more variety: in the same way that the local arrangements uncovered and analysed by Ostrom (2009) escape the black-and-white alternative between market and state, the scope of possible – and existing – arrangements is much wider than the textbook alternative between independent policymaking
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