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the evolution of the g7 and economic policy

Source: www.treas.gov
Topic: Economic Policy

Sort Desciption: The Evolution of the G-7 and Economic Policy Coordination ..... Edwin M. TrumanEconomic Policy and Exchange Rate Regimes: What Have We Learned in the Ten ...

Content Inside: THE EVOLUTION OF THE G-7 AND ECONOMIC POLICY COORDINATION OFFICE OF INTERNATIONAL AFFAIRS OCCASIONAL PAPER NO. 3 JULY 2006 THE EVOLUTION OF THE G-7 AND ECONOMIC POLICY COORDINATION OFFICE OF INTERNATIONAL AFFAIRS OCCASIONAL PAPER NO. 3 JULY 2006 Department of the Treasury Office of International Affairs Occasional Paper No. 3 July 2006 The Evolution of the G-7 and Economic Policy Coordination DISCLAIMER This is the third in a series of Occasional Papers from the Treasury Departments Office of International Affairs. These papers examine international economic issues of current relevance in an effort to iden- tify underlying trends and issues for policymakers. These papers are not statements of U.S. Govern- ment Department of the Treasury or Administration policy and reflect solely the views of the authors. 2 The growth of global economic imbalances has generated much talk about how the situation can possibly be unwound gradually or in an orderly manner. Perceived currency misalignments ap- pear to be increasing protectionist pressures. In the face of these challengessome look back wist- fully to the time of the Plaza Agreement. Some analysts are even calling for a Plaza-like coordi- nationagreement to promote an orderly reduc- tion in global imbalances. 3 At the same time the G-7 major economies that have traditionally participated in macroeconomic policy coordination and thereby took on such challenges for the global system no longer carry as much economic weight in the global economy as they once did. Indeedas key emerging market economies play a larger and growing role on the global economic scene they are now a more criti- cal part of the global imbalance equation. These debates have put vexing questions on the table. Can officials from G-7 and other key econ- omies coordinate their policies effectively to strengthen global stability and growth? Is the G- 7 still relevant given that global economic weight and more importantly relative contr ...

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