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SUMMARY:The 2008-2009 crisis in historical perspective: international coop
 eration and the emergence of the G20 - Dr Luca Einaudi\, G8 &amp\; G20 off
 ice
DTSTART:20091127T170000Z
DTEND:20091127T180000Z
UID:TALK21221@talks.cam.ac.uk
CONTACT:Rachel Marston
DESCRIPTION:The paper would discuss how the sudden worsening of the US fin
 ancial crisis in September 2008 together with international contagion brou
 ght the world on the verge of a new great depression and unexpectedly caus
 ed the birth of a G20 at the level of Heads of States and of Governments. 
 The political effect of these events was to accelerate a shift of internat
 ional influence from Europe to Asia – a shift which had already been in 
 progress from an economic point of view for more than a decade\, but which
  had not been properly recognised. In this way\, while European decision m
 akers initially seemed to take charge in the autumn of 2008\, taking advan
 tage of US difficulties\, they discovered later that they were becoming th
 e main target of international governance reform. The paper will discuss h
 ow the political process interacted with the chain of events and economic 
 forces in determining the new direction of: international cooperation\, fi
 nancial bailouts\, extraordinary financial and monetary measures\, economi
 c stimulus packages\, regulatory reform\, and the refinancing and reformin
 g of international financial institutions. The behaviour of governments\, 
 central banks\, regulators and international financial institutions will b
 e discussed.
LOCATION:Winstanley Lecture Hall\, Trinity College
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