Past Event

Searching for Strategies to Restore Global Economic Stability and Growth

The G8 Summit that will take place in the United States May 19-20, 2012 will likely exhibit the same urgency that has attended other recent G8 and G20 meetings. Slow growth, high unemployment, foreign debt concerns, financial disarray, and mounting social unrest mean that the global economy will once again take center stage at the […]

Date: May 1 - Topic: Global economy and trade

The G8 Summit that will take place in the United States May 19-20, 2012 will likely exhibit the same urgency that has attended other recent G8 and G20 meetings. Slow growth, high unemployment, foreign debt concerns, financial disarray, and mounting social unrest mean that the global economy will once again take center stage at the upcoming G8 meeting. Although a global depression may have been averted, recession in Europe and a further global slowdown are likely. Recovery remains uncertain and protracted at best. The situation has left leaders groping for a “desperate optimism,” as Christine Lagarde, managing director of the International Monetary Fund, recently described it. Leaders of developed economies, struggling with their own high levels of sovereign debt, are unlikely to generate new approaches to current problems without the help of others. Emerging economies like China and Brazil – which have remained relatively immune to the ongoing crisis and may hold the key to a more stable future – are themselves put at risk by adverse conditions and are not yet in a position to drive solutions.

The 2012 G8 Summit, along with Mexico City’s G20 Summit that will follow only weeks later in June 2012, are poised to serve as a crucial juncture in the unfolding global economic crisis, one that either begins to chart a new path toward stability, or one that fails to produce the mechanisms needed to avert future turmoil.

In advance of the G8 Summit, The Chicago Council on Global Affairs, in partnership with the Federal Reserve Bank of Chicago, the Center for Macroeconomics at Northwestern University, the Initiative on Global Markets at the University of Chicago’s Booth School of Business, the Kellogg School of Management and Indian Council for Research on International Economic Relations (ICRIER), the Chinese National School of Development (CCER), the European Bruegel Institute, the Japan Economic Foundation, the Brazilian Fundação Getulio Vargas, and the Mexican Center for Research and Teaching in Economics (CIDE) will host in Chicago a two-day international conference in early May 2012 on “Searching for Strategies to Restore Global Economic Stability and Growth." The conference will bring together senior policy practitioners, business leaders, academics, and thought leaders from select G8 and G20 countries to address key challenges confronting the global political economy including: sustained financial turmoil, renewed recessionary fears, persistent macro-imbalances, continued popular protest over damaged social compacts, and rising political populism. The conference will produce a summary report that will be released around the G8 Summit to help inform conversations at the Summit and the June 2012 G20 meeting to be held in Mexico City.

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Event materials

Searching for Strategies to Restore Global Economic Stability and Growth, conference report and expert papers here

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Past Event

Past Event

Three data realms: Managing the divergence between the EU, the US and China in the digital sphere

Major economies are addressing the challenges brought by digital trade in different ways, resulting in diverging regulatory regimes. How should we view these divergences and best deal with them?

Speakers: Susan Ariel Aaronson, Henry Gao, Esa Kaunistola and Niclas Poitiers Topic: Digital economy and innovation, Global economy and trade Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: May 19, 2022
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Is China’s private sector advancing or retreating?

A look into the Chinese private sector.

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The EU needs transparent oil data and enhanced coordination

The EU lacks the coordination structure and transparent data necessary to most effectively navigate an embargo on Russian oil.

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Now is not the time to confiscate Russia’s central bank reserves

The idea of confiscating the Bank of Russia’s frozen reserves is attractive to some, but at this stage in the Ukraine conflict confiscation would be counterproductive and likely illegal.

By: Nicolas Véron and Joshua Kirschenbaum Topic: Banking and capital markets, Global economy and trade Date: May 16, 2022
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The cost of China's dynamic zero-COVID policy

What does zero-COVID mean for both China and the global economy?

By: The Sound of Economics Topic: Global economy and trade Date: May 11, 2022
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Opinion

For Europe, an oil embargo is not the way to go

Even at this late hour, the European Union should consider taking a different path.

By: Simone Tagliapietra, Guntram B. Wolff and Georg Zachmann Topic: Global economy and trade Date: May 9, 2022
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Upcoming Event

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BRI 2.0: How has the pandemic influenced China’s landmark Belt and Road Initiative?

China's Belt and Road Initiative is undergoing a transformation after two years of pandemic. How is it changing and what are the consequences for Europe.

Speakers: Alessia Amighini, Eyck Freymann, Alicia García-Herrero and Zhang Xiaotong Topic: Global economy and trade Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Book/Special report

European governanceInclusive growth

Bruegel annual report 2021

The Bruegel annual report provides a broad overview of the organisation's work in the previous year.

By: Bruegel Topic: Banking and capital markets, Digital economy and innovation, European governance, Global economy and trade, Green economy, Inclusive growth, Macroeconomic policy Date: May 6, 2022
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External Publication

The Global Quest for Green Growth: An Economic Policy Perspective

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By: Klaas Lenaerts, Simone Tagliapietra and Guntram B. Wolff Topic: Global economy and trade, Green economy Date: May 5, 2022
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Global trade Down Under

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A tariff on imports of fossil fuel from Russia

A tariff on imports of Russian fossil fuels would allow Europe to hit Russia's energy sector without great suffering.

By: Guntram B. Wolff and Georg Zachmann Topic: Global economy and trade Date: May 2, 2022
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External Publication

How to weaken Russian oil and gas strength

Letter published in Science.

By: Ricardo Hausmann, Agata Łoskot-Strachota, Axel Ockenfels, Ulrich Schetter, Simone Tagliapietra, Guntram B. Wolff and Georg Zachmann Topic: Global economy and trade Date: May 2, 2022
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