The Great Debate UK

from The Great Debate:

Obama honeymoon ends in Europe

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Robin Shepherd

-- Robin Shepherd is Director, International Affairs at the Henry Jackson Society. His areas of expertise are transatlantic relations, American foreign policy, Middle Eastern relations with the West, Russia, eastern Europe, NATO and the European Union. The views expressed are his own. --

It is to be hoped that President Obama has a developed sense of humour. The man heralded by many as the new Messiah of political renewal lands in London this week not to the chorus of approval he might have expected on his first official trip to Europe but to crowds roaring with anger and frustration at the global economic system which his country underpins.

It isn’t personal – yet. Few but the most unreasonable would hold the new American president responsible for woes that he inherited. Nonetheless, Obama campaigned on a platform of change. The implicit claim that his election was a grand, indeed poetic, instance of the time finding the man will be explicitly rejected – in Europe as well as at home – if he fails to deliver. We know he can give a pretty speech. But at the G-20 summit in London this week, that simply won’t be enough. For the first time at a major international gathering the blinding lights of international scrutiny will pour over Obama’s credentials on substance. His mettle is about to be tested.

It is true, of course, that there is tremendous accumulated goodwill towards the new American president in Europe. But time may yet show that much of that was merely the counterpoint to a hostility felt by so many against his predecessor. That, at least, is the risk. Obama can no longer play good cop to George Bush’s bad cop. He alone now has the stage, and when people are losing their jobs and homes they will want to see results. As leader of the Western world, the buck stops with him.

from The Great Debate:

Reform the IMF and World Bank

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Johannes Linn- Johannes Linn is a Senior Fellow and the Executive Director of the Wolfensohn Center for Development at the Brookings Institution. The views expressed are his own. --

One of the tasks for the G20 Summit in London is the reform of the IMF and the World Bank, key global institutions to help address the current crisis and to prevent the occurrence of future crises. Reform of the IMF is more urgent both in the short and medium term while reform of the World Bank, although equally important, is less pressing.

from The Great Debate:

G20 should be pragmatic about protectionism

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Paul Blustein-- Paul Blustein is a journalist-in-residence at the Brookings Institution. He is writing a book on the World Trade Organization, which will be published in September. The views expressed are his own. --

Telling young people to abstain from sex is “not realistic at all" -- new mother Bristol Palin, 18.

from The Great Debate:

World stuck with the dollar, more’s the pity

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jimsaftcolumn5-- James Saft is a Reuters columnist. The opinions expressed are his own --

The dollar is, and will remain, the U.S.'s currency and its own and everyone else's problem.

The idea of creating a global currency, as espoused by China earlier this week, is interesting, has a certain amount of merit and is simply not going to happen any time soon.

from The Great Debate:

A new direction in global financial regulation

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John Kemp Great Debate-- John Kemp is a Reuters columnist.  The views expressed are his own --

UK Prime Minister Gordon Brown's call today for a new G20 charter of principles on financial regulation  reflects an emerging consensus among policymakers that, once the immediate crisis has passed, the regulatory framework must be fundamentally redesigned.

In particular, policymakers are concerned with how to correct the basic moral hazard problem in which bankers have an incentive to extend too much credit, while private firms and households have an incentive to take on too much debt.

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