[P2P-F] Fwd: World Economics Association - Rethinking the international financial architecture

Michel Bauwens michel at p2pfoundation.net
Mon Mar 30 19:09:42 CEST 2015

---------- Forwarded message ----------
From: World Economics Association <contact at worldeconomicsassociation.org>
Date: Mon, Mar 30, 2015 at 11:02 PM
Subject: World Economics Association - Rethinking the international
financial architecture
To: michel <michel at p2pfoundation.net>

   World Economics Association - Rethinking the international financial
Rethinking the international financial architecture

*The next WEA Online Conference: *May 1 – June 30, 2015
*An invitation to submit a paper and/or take part in the discussion*

The existing international financial architecture, institutions left over
from the Bretton Woods period, proved useless to prevent or warn against
the 2007-2008 crisis, or even less, solve it.  Only when a new presidential
grouping G20 meeting was called for in London in March 2009, were the
issues of how to coordinate countercyclical policies and inject resources
into the economies discussed.  At that time a UN high level Commission,
what became known as the Stiglitz Commission, was created to propose
reforms to the international financial architecture.  However its
recommendations were shunned by some large UN member countries due to their
rejection of *the principle of global solutions for global problems*.
Indeed, some European countries and the US still insist on national
solutions, that is, on the use of local regulatory agencies in the
international financial field.

Eight years have now elapsed since the crisis emerged, and global financial
problems are still dealt with at a national level.   Furthermore the G7
countries have imposed the policy of austerity as a means of reducing
public debt to GDP ratios, with the consequence that debt ratios have
increased still more and economic activity has been depressed.  It is
against this background that the need for *a new international financial
architecture *has emerged, and that this WEA conference is being organized
by Oscar Ugarteche and Alicia Puyana.  Many questions need to be addressed:

   - How did the crisis affect the structure of the financial sector in the
   different regions of the world? What kinds of provisions were implemented
   to manage the impact?
   - Has the financial crisis influenced the financial flows for productive
   sectors in the regions?
   - Have the regional financial architectures been adequately reformed
   after the crisis? Do they have any margin of autonomy to reform, or are
   they totally dependent on foreign banks and external funds?
   - Can vulture funds be considered as an element of the so-called new
   financial structure to prevent crises, or are they one more cause of
   - Are the IMF and the available existing international reserves
   sufficient to prevent another major crisis?
   - Can the IMF be reformed, despite European and US reluctance to do so?
   - How should debt reduction mechanisms function in this new global
   - Are there lessons from the Latin American debt crisis of the 1980’s
   for Europe? Or is it a new type of crisis?
   - Are the austerity programs recently imposed on indebted countries
   appropriate policy measures to prevent financial crisis, such as the one in

 *Papers falling within the broad topic of the conference as well as on
related aspects that are not explicitly noted here are welcome.*

*For deadlines, guidelines and submissions:
*Contact: weanewfinancialarchitecture at gmail.com
<weanewfinancialarchitecture at gmail.com>*

*The Discussion Forum begins on May 1. *

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