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Progress of International Economic Governance
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CIGI Survey: Progress of International Economic Governance

Introduction

The annual CIGI Survey on the Progress of International Economic Governance assesses progress in five dimensions of international economic governance: macroeconomic policy cooperation; international cooperation on financial regulation; development; international trade; and climate change.

Governance arrangements related to these dimensions are scored on the following progress scale: 0% -20% represents major regression; 20-40% represents some regression; 40% to 60% indicates minimal progress; 60% to 80% characterizes progress; and 80 to 100% represents major progress. Recognizing the difficulty of making objective judgments given the complexity of these issues, the results are offered as a range of subjective opinions from CIGI experts.

For the inaugural 2013 survey, 15 CIGI experts were polled. Some participants provided their evaluation for all five facets, while others focused on a few areas only, depending on their areas of expertise.

Progress Scale

Major Progress

Estimates between 80% and 100% represent the ability to withstand the pressures of a severe, albeit low-probability scenario, of an unanticipated major shock to the world economy, preventing sustained unemployment or inflation. International agreements are effective. The IMF, FSB, WTO, GCF and other key institutions have strengthened their governance and accountability and have the tools and resources required to perform effectively.

Progress

Estimates between 60% and 80% reflect a level of progress creating confidence and growth-conducive conditions. Growth of the world economy is inclusive.

Minimal Progress

Estimates between 40% and 60% indicate a level of progress sufficient to inspire confidence in the long term, sustainable balanced growth, but with non-negligible risks to the world economy if confronted by shocks.

Some Regression

Estimates between 20% and 40% represent some regression, insufficient to be confident that future crises could be avoided, or quarantined, consistent with potentially dramatic vulnerability of the world economy when confronted by shocks. New trade issues are sidelined. Progression on emission targets and climate finance is negligible.

Major Regression

Estimates between 0% and 20% represent major regression towards a fractious, chaotic environment, with endemic beggar-thy-neighbour policies, global commons over exploited and global public goods not provided. Multilateral negotiations are at a standstill.