Making Global Economic Governance Effective Global Finance Series Edited by John Kirton, University of Toronto Michele Fratianni, Indiana University, USA Paolo Savona, LUISS 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 focuses on the challenges and opportunities faced by firms, national governments, and international institutions, and their roles in creating a new system of global finance Forthcoming titles in the series Debt Relief Initiatives Policy Design and Outcomes Marco Arnone and Andrea Presbitero ISBN 978 7546 7742 Global Financial Crises National Economic Solutions and Geopolitical Impacts Edited by John Kirton and Chiara Oldani ISBN 978 4094 0271 Safeguarding the World Bank Politics of Institutional Reform and Retrenchment Eva T Thorne ISBN 978 7546 7763 Full listing of previous titles at the back of the book Making Global Economic Governance Effective Hard and Soft Law Institutions in a Crowded World John Kirton University of Toronto, Canada Marina Larionova State University-Higher School of Economics, Russia Paolo Savona LUISS University, Italy © John Kirton, Marina Larionova and Paolo Savona 2010 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 John Kirton, Marina Larionova and Paolo Savona 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 Company Ashgate Publishing Limited Wey Court East Suite 420 Union Road 101 Cherry Street Farnham Burlington Surrey, GU9 7PT VT 05401-4405 England USA www.ashgate.com British Library Cataloguing in Publication Data Making global economic governance effective : hard and soft law institutions in a crowded world (Global finance series) International economic relations Globalization-Economic aspects Group of Eight (Organization) I Series II Kirton, John III Larionova, Marina IV Savona, Paolo, 1936337.1-dc22 Library of Congress Cataloging-in-Publication Data Kirton, John J Making global economic governance effective : hard and soft law institutions in a crowded world / by John Kirton, Marina Larionova and Paolo Savona p cm (Global finance) Includes bibliographical references and index ISBN 978-0-7546-7671-3 (hardback) ISBN 978-0-7546-7672-0 (e-book) Group of Eight (Organization) Economic policy International cooperation Economic development Finance Economic assistance International law I Larionova, Marina II Savona, Paolo, 1936- III Title HF1359.K574 2009 337.1 dc22 2009030159 ISBN 9780754676713 (hbk) ISBN 9780754676720 (ebk.III) Contents List of Figures List of Contributors List of Abbreviations and Acronyms Preface Acknowledgments vii ix xi xv xvii Part I Introduction Introduction, Arguments and Conclusions John Kirton, Marina Larionova and Paolo Savona Part II Multilateral Organizationsand the G8: Academic Analyses Multilateral Organizations and G8 Governance: A Framework for Analysis John Kirton The New Partnership between Multilateral Organizations and the G8 43 Marina Larionova Financial Crises, the International Monetary Fund and the G8 Ivan Savić Finance and Development Compliance in the G8: The IMF and World Bank Role John Kirton, Nikolai Roudev and Laura Sunderland 23 63 89 PART III Multilateral Organizations and the G8: Practitioners’ Perspectives Finance, Macroeconomics and the Multilateral Organization–G8 Connection Robert Fauver 109 Making Global Economic Governance Effective vi Development, the Commonwealth and the G8 Ade Adefuye Trade, the World Trade Organization and the Doha Development Agenda Roy MacLaren 115 125 Part IV The St Petersburg Priorities: Energy, Education, Information and Health Energy Security and Sustainable Development: The WTO and the Energy Charter Treaty Sylvia Ostry 10 Energy Security: Russia, the European Union and the G8 Nodari A Simonia 139 11 Energy Security: The International Energy Agency and the G8 Victoria V Panova 155 12 Education, the G8 and UNESCO John Kirton, Laura Sunderland and Jenilee Guebert 175 13 Information and Communication: G8 Institutionalization and Compliance in the DOT Force Gina Stephens 14 Health Compliance in the G8 and APEC: The World Health Organization’s Role John Kirton, Nikolai Roudev, Laura Sunderland, Catherine Kunz and Jenilee Guebert 131 201 217 PART V The G8’s St Petersburg Summit and Beyond 15 The G8 at St Petersburg and Beyond John Kirton 16 The 2006 St Petersburg G8 Summit: Conclusions and Critiques 243 Andrew F Cooper Appendices Index 231 267 335 List of Figures 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 3.10 3.11 3.12 3.13 G8 and multilateral organizations, references in absolute numbers 49 G8 and multilateral organizations, references as percentages 50 Development, references in absolute numbers 51 Development, references as percentages 51 Security, references in absolute numbers 53 Security, references as percentages 53 Energy, references in absolute numbers 54 Energy, references as percentages 55 Education, references in absolute numbers 56 Education, references as percentages 57 Health, references in absolute numbers 58 Health, references as percentages 59 Information and communications technology, references in absolute numbers 59 This page has been left blank intentionally List of Contributors Ade Adefuye is the Advisor on Democracy and Good Governance for the Economic Community of West African States (ECOWAS) Andrew F Cooper is the Associate Director of the Centre for International Governance Innovation and a professor in the Department of Political Science at the University of Waterloo Robert Fauver served as US President Bill Clinton’s sherpa for the G7 economic summits in 1993 and 1994, and Deputy Under Secretary of State for Economic Affairs from 1991 to 1992 Jenilee Guebert is Research Coordinator of the G8 Research Group John Kirton is Director of the G8 Research Group and Professor of Political Science at the Munk Centre for International Studies at Trinity College in the University of Toronto Catherine Kunz holds a Master of Arts in Economics from McGill University and is a member of the G8 Research Group Marina Larionova is Head of the International Organizations Research Institute at the State University – Higher School of Economics and the Head of International Programs at the National Training Foundation in Moscow Roy MacLaren served as Canada’s Minister of International Trade from 1993 to 1996 Sylvia Ostry is the Distinguished Research Fellow at the Centre for International Studies at the University of Toronto, and served as Canadian Prime Minister Brian Mulroney’s sherpa for the 1988 Toronto G7 Summit Victoria V Panova is Director of the G8 Research Group Moscow Office and teaches in the Department of International Relations and Foreign Policy of Russia at Moscow State University of International Relations (MGIMO) Nikolai Roudev is a PhD candidate at Stanford University in California ... Cataloguing in Publication Data Making global economic governance effective : hard and soft law institutions in a crowded world (Global finance series) International economic relations Globalization -Economic. .. J Making global economic governance effective : hard and soft law institutions in a crowded world / by John Kirton, Marina Larionova and Paolo Savona p cm (Global finance) Includes bibliographical... multilateralism, hard international law and international bureaucracy, and the G8 on plurilateralism, informality and great power leaders and governments instead The Scholarly Debate How and why have