Reforming Global Economic Governance

Carlo Monticelli is Vice Governor of the Council of Europe Development Bank. His career has straddled both private and public sectors, with positions including Deputy Director in the Research Department of the Bank of Italy; Head of European Economics, Deutsche Bank, London; and Head of International Financial Relations of the Italian Treasury. In this capacity he represented Italy in key international fora such as the G7, the G20, and the Economic and Financial Committee of the European Union.

"Carlo Monticelli provides a unique insider’s perspective that combines the insights of a seasoned economist with the personal reflections of a concerned global citizen. A rewarding and enjoyable read for anyone interested in the causes and lessons of the global financial crisis!" Masood Ahmed, President, Center for Global Development"The author is an insider. When reading him on how the Europeans missed all opportunities by just looking inward, you oscillate between hilarity and despair" Agnès Bénassy-Quéré, Professor, Paris School of Economics, University Paris 1 Panthéon-Sorbonne"There is no going back to the old multilateralism. Based on first-hand experience and sharp analysis, this book provides the economic and political-economy arguments to understand why this is the case, wrapped in a captivating narrative accessible to the non-specialist. Don’t miss it!" Erik Berglöf, Director, Institute of Global Affairs, London"An authoritative assessment of global economic governance at a time of pressing global challenges in an unsettled and fractious global order. A must, and a compelling read." Amar Bhattacharya, Senior Fellow, Brookings Institution"Emerging market countries now play a more relevant role in the G20 and all the IFIs. With analytical rigour and an engaging style, this book analyzes the events and underlying reasons that brought about this radical change in global governance. Highly recommended." Sri Mulyani Indrawati, Finance Minister of Indonesia"This book gives an inside story of how international financial architecture is created and reformed as advanced and large emerging market countries play power games." Takatoshi Ito, Professor of International and Public Affairs, Columbia University"Combining an insider view with a multidisciplinary approach, this book offers fresh insights on why and how global economic governance has changed. A must read." Nouriel Roubini, Professor of Economics, Stern Business School, New York University"Over the last decade, the international economic and financial landscape has changed much more than you think. This is the surprisingly convincing leitmotiv of this book. As a former official who has been involved in all the big issues from the inside, I did not expect Carlo Monticelli to be so candid and, in many ways, so radical. The book is loaded with a myriad of facts and yet the reader will not get lost because the powerful underlying analysis constantly brings all the pieces into a coherent lot. It makes you think hard but the style is so smooth and engaging that you do it with intense pleasure." Charles Wyplosz, Professor of Economics, The Graduate Institute, Geneva

• Introduction and overview1. Unsettling the balance of power2. Success and failures of the G203. The reform of the International Monetary Fund4. Multilateral Development Banks in fashion again5. Re-regulating finance6. Europe and global governanceReferencesIndex