Global Imbalances, Declining Hegemony and the Need for a New Global Governance

Pasquale Tridico

No 130, Departmental Working Papers of Economics - University 'Roma Tre' from Department of Economics - University Roma Tre

Abstract: The objective of the paper is to show that the recovery from the current economic crisis in US and in EU requires a new policy paradigm and a new global governance. I argue that, contrary to the recent austerity policies in EU and US, a new level of government involvement is required in order to keep aggregate demand stable, make full employment possible, and create a transparent financial sector, serving the real economy and encouraging productive investments. Moreover, at global level, two main issues seem to affect negatively the markets: first the lack of an independent international currency, and second the instability of one of the biggest market, the Eurozone. The first needs a wider international solution, the latter needs a political responses at EU level in order to deepen integration

Keywords: global imbalances; global governance; international currency (search for similar items in EconPapers)
JEL-codes: F02 G01 (search for similar items in EconPapers)
Date: 2011-05
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