Legitimacy and Effectiveness in Global Economic Governance

Biagio Bossone · Susanna Cafaro · Maria Chiara Malaguti

Jul 2014 · Cambridge Scholars Publishing

About this ebook

Coping with the challenges of global economic governance is a topical issue of the current international agenda, and the object of a vivid debate among scholars and policy-makers. The international financial and economic crisis that erupted in 2007 reveals the fallibility of the neoliberal paradigm that has dominated the world economic landscape for the last quarter of a century; regulatory and supervisory institutions have disclosed their weaknesses, and markets have shown their limits in dealing with the rational allocation of risks, and their lack of resilience to shocks.

This book offers a comprehensive view of this matter, examining the dialectic and fluid relations between State sovereignty, supranational rules and the role of markets. The opportunity to deal with economic and regulatory challenges through the lens of legitimacy and effectiveness is the fil rouge of the co-authors’ original contributions and the inner-sense of the book.

This critical perspective results particularly in investigating gaps and ambiguities of the institutional framework currently underpinning the major international economic organisations (IMF, WTO, G20, EMU), in re-discussing the State’s regulatory role in coping with the challenges of the global economy, and in studying the contradictory interactions between financial paradigms and sustainability with regards to economic development policies.

About the author

The Group of Lecce (GoL) was established in 2009 at the Advanced School ISUFI of Lecce, Italy, and has now become an autonomous think-tank which collaborates with domestic and international institutions. It involves experts in international law, finance and economics who share an interest in developing democratic and effective institutions of global governance. The GoL has elaborated proposals to reform the governance systems of the world economy.

Biagio Bossone is chairman of the GoL. He is an international financial consultant and advisor to international organizations. He was Coordinator of the Public Investment Evaluation unit of Italy’s Presidency of Ministers Council, the Chairman of the San Marino’s Central Bank, the Executive Director of the World Bank Group, and a member of the IMF Executive Board. He is the (co-)author of several publications on international economic and financial theory.

Maria Chiara Malaguti is Full Professor of International Law at the Catholic University, Rome. She is a legal advisor to the Italian Ministry for Foreign Affairs on trade matters and to the WB on payment systems and financial markets. She is the author of numerous publications in international and financial law.

Susanna Cafaro is Associate Professor of European Union Law at the University of Salento, Lecce. She has served as Visiting Professor in several European Universities, and is the author of many publications in international and European law.

Saverio Di Benedetto is Assistant Professor of International Economic Law and Full Researcher of International Law at the University of Salento. He is the author and (co-)editor of several publications in international law.