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in Fantômas 13.10.2018 03:59
von lxd123456 • 437 Beiträge

Conveniently scheduled at the end of the World Cup Nike Air Max 95 Sale Clearance , the sixth BRICS summit presents the leaders of five emerging economies a truly historic opportunity, not least because it is likely to see the establishment of a new development bank and reserve currency pool arrangement.


This move could strike a true trifecta - recharge global economic governance and the prospects for development, as well as pressure the World Bank and the International Monetary Fund to get back on the right track.


The two Bretton Woods institutions, both headquartered in Washington Nike Air Max 90 Sale Clearance , originally and with good reason put financial stability, employment and development as their core missions. That focus, however, became derailed in the last quarter of the 20th century. During the 1980s and 1990s Nike Air Max Sale Clearance , the World Bank and the IMF pushed the "Washington Consensus", which offered countries financing but conditioned it on a doctrine of deregulation.


With the benefit of hindsight, the era of the Washington Consensus is seen as a painful one. It inflicted significant economic and political damage on the developing world. Worse, the operations of the World Bank and the IMF are perceived as rigged against emerging and developing economies. The unwritten rule that the head of the IMF is always a European and the World Bank chief always an American is only a superficial but no less grating public expression of that.


Worse still is the fact that the voting structure of both institutions is skewed toward industrialized countries - and grants the United States veto power to boot. It wasn't always that way. As Eric Helleiner shows in one of his two new books Air Max 95 Sale Clearance , Forgotten Foundations of Bretton Woods: International Development and the Making of the Postwar Order, China, Brazil, India and other countries wanted development goals to remain a core part of the Bretton Woods institutions. Some of their proposals eventually made it into the policy mix of the World Bank and the IMF Air Max 90 Sale Clearance , including short-term financing, capital controls and policy space for industrial policy.


When these institutions failed to predict the global financial crisis of 2008, however, BRICS and other emerging and developing economies said enough is enough. First Air Max Sale Clearance , they tried to work inside the system by proposing reforms that would grant them more say in voting procedures, which incidentally US Congress refused to approve even though Washington would have maintained its veto power.


BRICS and other emerging market economies also joined the G20 in the hope of creating a more pluralistic platform for global cooperation. The G20 did hold a landmark meeting in 2009 where a new vision was articulated for global economic governance, but none of the promises - especially the coordination of macroeconomic stimuli to recover from the global financial crisis and comprehensive reform to prevent the next one - were realized.


Now BRICS countries are taking matters into their own hands. Their governments have been diligently putting together two new institutions that hold great promise - a new development bank and a new reserve pooling arrangement. The development bank would provide financing to BRICS and other emerging and developing economies for infrastructure, industrialization and productive development. And the reserve pool would allow BRICS and other economies to draw on pooled reserves in the event of balance of payment crises or threats to their currencies.


If these institutions are announced in Fortaleza this week Nike Air Max 95 Sale Outlet , BRICS could and should forge a "Rio Consensus" - provided the BRICS member states do not make the same mistakes of other, mostly Western-inspired "models" of the past. The key is to make it a model for global economic governance in the 21st century.


The key elements of a "Rio Consensus" are a definite step in that direction. At its core is a commitment to financial stability and productive development in a manner that is inclusive, honors human rights and is environmentally sustainable.


Organizations carrying out such a mission should also have a more equitable organizational structure with open and transparent rules. This crucially includes the mechanism for picking leaders and a more equal voting system for existing and new members.


Not only will such a framework and structure enable more appropriate financing for development and stability, it can also serve as a moral model of reform that can someday be achieved in the two Washington-based institutions. This will give BRICS more leverage - and an opt-out choice if the industrialized countries stay set in their ways.


The author Nike Air Max 90 Sale Outlet , Kevin P. Gallagher, is a professor of international relations at Boston University.




DUBAI, April 17 (Xinhua) -- World's leading port operator in the United Arab Emirates (UAE) said on Sunday it is ready to expand business in China under its "Belt and Road" initiative.


Sultan Ahmed Bin Sulayem, chairman and chief executive of Dubai Ports (DP) World, the world's third biggest maritime port operator in terms of assets, made the remarks while addressing local and international media representatives at DP World's annual media meeting here in Dubai.


The senior business chief noted in his speech that the DP World is currently running three port terminals in Tianjin as well as in Yantai and Qingdao, adding that the company's plan to expand existing ports in Asia would take China's belt and road initiative into account as it bears huge potential for trade across Asia.


DP World is also ready to enlarge its operations in Russia and Iran, he said, adding that linking East Asia through Central Asia with the Middle East through railway projects would be an opportunity for his company to expand port operations and investments along the Silk Road Economic Belt and the Maritime Silk Road.


He also said the firm's growth is good in China, and is interested in expanding the terminal in Tianjing, notin. Wholesale Jerseys Wholesale Jerseys China Wholesale Jerseys China Jerseys From China NHL Jerseys China MLB Jerseys Free Shipping Adidas NHL Jerseys China New NFL Jerseys Wholesale Nike NFL Jerseys Online College Football Jerseys Cheap

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