Response to the global financial and economic crisis
The crisis has highlighted the weaknesses of economic science and of recent years’ discourses on globalization: major deregulation policies, reduced involvement of the State, belief in self-regulation of financial markets. The financial crisis, which has become a political and global governance issue, called for a global response.
Given the urgency of the situation, as early as September 2008, the President of the Republic proposed, before the United Nations General Assembly, the principle of a summit of Heads of State and of Government. The need for collective action was clear. Economic and financial measures of unprecedented scale were adopted, in particular at the G20 Summit of London on 2 April 2009.
Besides ambitious stimulus plans, substantial resources were mobilized to finance countries facing difficulties. Significant measures were decided to better supervise and regulate the financial system, so as to put it back on track at the service of the real economy and development. The rejection of protectionism was restated and concrete measures for monitoring this commitment were put in place. A decisive action was undertaken to fight non-cooperative jurisdictions, tax evasion and illicit financial flows. Besides, it was decided to speed up the process of reform of international economic governance, in particular by working towards better representation of international financial institutions, taking into account the new economic realities. Finally, the social dimension of the crisis was integrated into the global response that was called for.
The G20 Summit of Pittsburgh, on 24-25 September 2009, represents a new decisive step in the reform of global governance. Significant progress has been achieved in respect of financial regulation (pay cap, enhanced prudential rules in a world in which competition is not distorted, continued fight against non-cooperative jurisdictions, mention of a possible tax on financial transactions).
Updated on 16.11.10