ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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India and Bretton Woods II

The G-20 meeting in Washington on 15 November is an opportunity for India to help shape the new global economic architecture in line with its strategic interests. India should propose short-term crisis response actions and suggest a clear medium-term agenda. On the former, India needs to support globally coordinated actions to help limit the economic downturn, including a political commitment by all countries to keep markets open. The medium-term agenda would have, first, reforming the financial architecture, including by strengthening the International Monetary Fund's capacity to respond to crises and enhancing its legitimacy through radical governance reform to give greater say to the emerging powers. Second, securing openness of the trading system, which would require going beyond completing the current Doha agenda in two ways: deepening rules in existing areas (especially services) and developing rules in new areas (to deal with undervalued exchange rates, cartelisation of oil markets, investment restrictions and environmental protectionism). Third, reforming governance of the meta-process for global decision-making, including through the creation of a more representative membership than the G-7.

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