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  • Author: Anne-Laure Delatte, Sebastien Jean
  • Publication Date: 04-2017
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: This paper discusses what useful form international economic co-ordination might take, notwithstanding the tense climate witnessed in recent months. On international trade, we argue that aiming at wide-ranging negotiations or more-of-the-same trade liberalizations would be pointless under present circumstances. Priority should instead be given to preventing the doom loop of protectionism and retaliation, and to addressing the political concerns about globalization. On fiscal competition, we point to the risk of a potential race to the bottom despite the progress achieved thanks to the OECD BEPS initiative. We finally emphasize the need for coordinated policies on the demand side. Paper presented at the international conference on “Major Challenges for Global Macroeconomic Stability. The Role of the G7”, organized in Rome on 27-28 March 2017 by the Istituto Affari Internazionali (IAI) with the support of the Italian Ministry of Foreign Affairs and International Cooperation and the Bank of Italy.
  • Topic: International Cooperation, International Security
  • Political Geography: Global Focus
  • Author: C. Fred Bergsten, Edwin M. Truman, Jeromin Zettelmeyer
  • Publication Date: 04-2017
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: This paper examines how G7 cooperation can be maintained in the Trump era. Its working assumption is that the US administration will remain open to international cooperation in principle and yet be constrained by Trump’s economic nationalism and specific campaign promises, such as reducing trade imbalances. The main finding is that useful areas for G7 macroeconomic, trade and financial cooperation continue to exist even after taking US constraints into account. At the same time, other G7 leaders need to be prepared to proceed on their own if attempts to convince the US administration that G7 economic cooperation is in the interests of all members fail. Paper presented at the international conference on “Major Challenges for Global Macroeconomic Stability. The Role of the G7”, organized in Rome on 27-28 March 2017 by the Istituto Affari Internazionali (IAI) with the support of the Italian Ministry of Foreign Affairs and International Cooperation and the Bank of Italy.
  • Topic: International Cooperation, International Security, International Affairs
  • Political Geography: Global Focus
  • Author: Stephen Pickford, Paola Subacchi
  • Publication Date: 04-2017
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: Most G7 countries are facing political and economic uncertainties, and long-standing structural problems.The short-term outlook is reasonably positive, but longer term prospects are more challenging. These challenges have underlying economic causes stretching back many years, fostered by low productivity growth, stagnating real incomes and living standards, rising inequality and technological change. G7 countries should address short-term weaknesses, reduce political and policy uncertainties, and tackle these longer-term problems as well. Acting together to address these challenges will be more effective: (1) short-term and medium-term measures to boost growth should focus on fiscal actions (including infrastructure spending), normalizing monetary policy, completing financial regulatory reforms, and structural policies; (2) tackling policy uncertainties requires international consensus on consistent policies, starting with greater certainty over the direction of trade policy and over the Brexit negotiations. Sending positive signals on trade cooperation will be difficult, but the G7 could make progress on some specific issues such as a code of practice against competitive exchange rate devaluations; (3) an agenda to emphasize fairness could include: fair trading arrangements, implications of financial regulation for fairness and agreement on international corporate taxation to ensure companies pay their fair share of taxes.
  • Topic: International Relations, International Security, International Affairs
  • Political Geography: Global Focus