Communication Flows in International Economic Law
The severity and the impact of the recent global financial crisis has galvanised international policy makers into thinking strategically with respect to the prevention and management of future global financial crisis. The international mechanisms for global and national economic crisis identification and management are generally dispersed amongst international institutions, not effectively co-ordinated as between States, often ad hoc and certainly inadequate. There is no holistic institutionalised approach to crisis identification, prevention and management. Moreover, the international decision making involved in responding to situations of crisis, such as it is, is not necessarily inclusive.
The need for an objective international system of identification of national economic emergencies, national economic emergencies that have international implications, and situations arising giving rise to an international crisis � is apparent, as is the need for a coordinated and organised management of the crisis. However, despite this the range of options for international economic crisis identification and management is dispersed (sometimes leading to conflicting determinations and advice) and effectively still in the reign of a few select States who can determine the crisis and mobilise initiative as they seem fit.
In this context the recent Group of 20 communication flows are to be welcomed. After all these emanate from key stakeholders in the world economy. However ultimately these are to be judged as much in terms of their substance and implementation as the inclusiveness and democratic credentials of the process involving their formulation.
Asif H Qureshi