As a new Bretton Woods was greeted the April 2009 meeting. However, amen of the low turnout (20 countries) when compared with the more than 40 of Bretton Woods – the G-20 was devoted to a recycling: more money for the IMF, raising the Forum of financial stability (FSF) and the Bank for international settlements. Really a Committee of experts on reform of the monetary and financial system, chaired by Joseph Stiglitz, has already done the work for the convening of an Assembly that designed the new global economic order. Of that eventual Assembly could run out a Global Coordinating Council and a regionalisation of structures to deal with financial matters. Perhaps we should look at economic institutions suitable for the global world with the same optics we have looked at the political organization.
For good or evil were created supranational governance standards, inspired in the described model, but with institutions without effectiveness. We have already spoken of the wrong trends. Source: Rob Hannah. The world has become interdependent in the fields of trade and the movement of capital and people, but need to move forward on issues such as health, energy and the environment. With the crisis was revealed that short-term financial movements were the worst regulated. We have already called attention to the obsolete distribution of power at the heart of the old Bretton Woods institutions. It is clear that any reform in the supranationality of the economic issue goes parallel with reform in political institutions. Where are we going? We go towards two billion poor.
Before a non-polar world we should highlight the opportunity of recreation of the international economic institutions. It is here where it comes with force the need for what will be called the social-global Covenant. The so-called welfare State has collapsed and it becomes necessary to defend the human being. It is true that there have been events such as the social Summit in Copenhagen (1994) territory for a battle surely mistaken between reformists and revolutionaries.