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The need for collective action has never been greater, but geopolitics, structural changes and diverging preferences mean that existing global governance arrangements, devised at Bretton Woods in the 1940s, are either unravelling or outmoded. Reconciling this contradiction is today’s pressing global policy challenge.
In this short book, two of Europe’s most-experienced policymakers and analysts outline a new agenda for global governance. They examine governance practices across several key policy areas – climate, health, trade and competition, banking and finance, taxation, migration and the digital economy – and consider what works and what doesn't, and why. The global governance solutions they put forward are ambitious but pragmatic. They require complexity, flexibility and compromise. Attributes that global governments are demonstrably short of, but today’s global crises urgently demand.
A granular, clear-eyed, and deeply insightful look at the many facets of global governance. The book assesses where there has been progress and where there has been less, and offers pragmatic, concrete proposals for improvement. An absolute must read.
— Olivier Blanchard, Professor Emeritus, MIT, Senior Fellow, Peterson Institute for International Economics, and former IMF Chief Economist
George Papaconstantinou is Professor of International Political Economy at the Florence School of Transnational Governance of the European University Institute. His career spans academia, policy, politics and consultancy. He has served government at the highest level as Minister of Finance during the Greek crisis and subsequently Minster of Environment and Energy.
Jean Pisani-Ferry is Professor of Economics at Sciences Po, Paris, a Senior Fellow at Bruegel, the European think tank, and a non-resident Senior Fellow at the Peterson Institute in Washington, DC.
Introduction
1. Governing the world
2. Three approaches
3. Searching for the global commons
4. Revisiting the basic rules of the road
5. Behind-the-border integration
6. Ariadne's thread: what works and why?
7. A policy agenda for an interdependent but fragmented world
Concluding remarks