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This volume focuses on the challenges for sustaining growth in the 21st century and the role of the G7 and IMF in meeting them amidst the processes of regionalism now emerging. It assesses how well the G7 has addressed individually and interrelated ambitiously its core 2002 agenda of sustaining global growth, reducing poverty in Africa, combating terrorism and its financing. It examines how the IMF has approached these issues and related work of the G7. It also explores how both the G7, IMF and other international institutions are addressing global growth and development challenges in the context of the new processes of regionalism. Pressures such as currency consolidation in Asia and economic union in Africa are studied. This book builds on previous volumes in the series with a heavy focus on the World Bank, the regional development banks and the many other international institutions that work in the field of development.
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SUSTAINING GLOBAL GROWTH AND DEVELOPMENT Global Finance Series Edited by Michele Fratianni, Indiana University, U.S.A., John J. Kirton, University of Toronto, Canada, and Paolo Savona, LUISS Guido Carli University, Italy The intensifying globalisation of the twenty-first century has brought a myriad of new managerial and political challenges for governing international finance. The return of synchronous global slowdown, mounting developed country debt, and new economy volatility have overturned established economic certainties. Proliferating financial crises, transnational terrorism, currency consolidation, and increasing demands that international finance should better serve public goods such as social and environmental security have all arisen to compound the problem. The new public and private international institutions that are emerging to govern global finance have only just begun to comprehend and respond to this new world. Embracing international financial flows and foreign direct investment, in both the private and public sector dimensions, this series focusses on the challenges and opportunities faced by firms, national governments, and international institutions, and their roles in creating a new system of global finance. Also in the series Governing Global Finance New Challenges, G7 and IMF Contributions Edited by Michele Fratianni, Paolo Savona and John J. Kirton ISBN 0 7546 0880 8 Related titles in the G8 and Global Governance series The New Economic Diplomacy Decision-making and Negotiation in International Economic Relations Nicholas Bayne and Stephen Woolcock ISBN 0 7546 1832 3 Governing Global Trade International Institutions in Conflict and Convergence Theodore H. Cohn ISBN 0 7546 1593 6 New Directions in Global Economic Governance Managing Globalisation in the Twenty-First Century Edited by John J. Kirton and George M. von Furstenberg ISBN 0 7546 1698 3 Sustaining Global Growth and Development G7 and IMF Governance Edited by MICHELE FRATIANNI Indiana University PAOLO SAVONA LUISS Guido Carli University JOHN J. KIRTON University of Toronto AS HGATE © Michele Fratianni, Paolo Savona and John J. Kirton 2003 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the prior permission of the publisher. Michele Fratianni, Paolo Savona and John J. Kirton have asserted their right under the Copyright, Designs and Patents Act, 1988, to be identified as the editors of this work. Published by Ashgate Publishing Limited Gower House Croft Road Aldershot Hants GU11 3HR England Ashgate Publishing Company Suite 420 101 Cherry Street Burlington, VT 05401-4405 USA Ashgate website: http://www.ashgate.com British Library Cataloguing in Publication Data Sustai