Global Economy

Today, international economic affairs are a diplomatic issue in their own right. The following themes are particularly representative of globalization that France still wishes to be better regulated and more inclusive:

1. The global economic and financial crisis

This is a major issue for the Ministry of Foreign and European Affairs, through its involvement in both governance and the subjects of global economic regulation.
 Monitoring of the G20, the major topics of which define a series of areas in which special efforts have been made in recent months: tax evasion, “responsible capitalism”, representation of the EU in global economic governance, China and the G20.
 Analyses of the crisis and debates between economists on the causes / consequences, in collaboration with think tanks and academics.

2. The integration of emerging countries in globalization

This is an underlying issue for many topics:
 Development of strategies for developed countries / emerging countries dialogues, for example, in the framework of the G20 or the OECD.
 Economic analysis of emerging countries and consequences of their growth on international economic relations.

3. The reform of global economic governance

 Dynamics of the “diplomacy of clubs” / issue of integration of the major emerging countries: G8 / G13-14 / G20 connection.
 Representation of the EU in international financial institutions.
 How to improve the involvement of the UN in global economic governance, structure the Bretton Woods Institutions and the UN’s economic hub better?

4. Globalization and rules of the game

 How to integrate / structure the different systems of international law (intellectual property, investment, environmental law, etc.) better, in a context of ascendancy of commercial law?
 Defining the steps and compromises required to achieve a progressive convergence of the major emerging countries toward the developed countries’ “rules of the game” (norms, standards, “soft law”). Examples of this include governance of sovereign funds, corporate social responsibility, protection of investments, etc.
 Fuelling the topic of “refoundation / re-regulation of the market economy”, by developing, in particular, the issues of the fight against tax evasion (example: creation of a multi-player working group in the framework of the follow-up of the Doha conference on development financing) and “transparency” (fight against corruption, money laundering, illicit financing flows).
 How to make better use of the weapon of economic sanctions against States that place themselves outside of the rules of the game: developing the evaluation of sanctions, maintaining a constructive dialogue with the companies concerned.

^{Updated on 16.11.10}