Impact of the Current Economic Crisis on the Institutional Layout of Global Economy

Even though the efforts to foster global economic governance have been a longstanding issue of global economic policies, their effectiveness has been questioned by the current crisis. The crisis has revealed many systemic issues that would require global solutions on the one hand, but on the other hand, these solutions are more difficult to achieve. Based on an analysis of basic systemic issues of global trade and finance, the aim of this paper is to explore whether the current crisis leads to fostering supranational features in global economic governance. The issue is first studied at the theoretical level the outcomes of which are subsequently applied to recent evolutions in global governance, which seems to be the most appropriate level to face global systemic issues. According to the authors, more supranational features should be reflected namely in a more effective and intensive coordination of macroeconomic policies of systemically important countries in order to keep the global economic system stable. In the conclusion, the authors try to make a specific recommendation for the eventuality that the hypothesis on stronger supranational coordination cannot be fully confirmed.