The European Union and the China-led transformation of global economic governance. Egmont Paper 85, June 2016

Ujvari, Balazs (2017) The European Union and the China-led transformation of global economic governance. Egmont Paper 85, June 2016. [Policy Paper]

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Abstract

From the Introduction. Since the inception of the Bretton Woods system in 1945, major fields of global economic governance have been essentially associated with a single international organisation or arrangement. Trade was governed by the General Agreement on Tariffs and Trade (GATT) and later the World Trade Organisation (WTO), whereas the International Monetary Fund has been a key point of reference in finance and monetary issues and the World Bank1 played a similar role in development policy. A common characteristic of these institutions is that they were set up in the wake of World War II, and the distribution of influence among their members was, for the most part, reflective of mid-twentieth-century balance-of-power considerations. While these long-term institutional arrangements remain cemented, world affairs constantly change, raising the risk of a glaring mismatch between the way in which power is shared in these international institutions and the realities of global politics.

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