The summit of 20 heads of state representing 85% of global GDP has he gone far enough in its ads for truly reforming global capitalism? Some response element with the G20 in 20 points: 10 good, 10 bad. Advances

1 ° The ambition does not fall into protectionism through the 30s.

2 The desire to give more importance to international organizations (IMF and others).

3 The need to reform the weight of emerging countries in these institutions (the G20 in itself, rather than G7 or G8, is already a step forward).

4 The economic recovery (1 000 billion dollars to combat the crisis).

5 The improvement of financial

6 Reform of regulatory bodies.

7 ° The relaxation of accounting standards.

8 ° A greater control of tax havens.

9 ° Growth that would tour in the coming decades into a "green and sustainable recovery."

Finally last 10 ° positive, we believe the most important. The G20 marks the beginning of a global political governance is necessary to deregulation and globalization of the economy.

The emergence of a strong international political power is the only way to regain control over a deregulated economy and borderless. The Nation-states can no longer go it alone and practicing self-destruct in a fierce competition to attract investors.

Limits

1 The origin of the crisis has not been processed.

2 First, the deformation of revenue sharing at the expense of employees (and benefit of ownership) and is partly responsible for the massive debt of households in Western countries is not resolved (we will write about this next week).

3 Moreover, if tax havens were singled out, they do represent the hidden face of fiscal dumping between the major powers involved.

4 It seems inevitable to move towards harmonization of corporate tax and employees in different states to avoid unnecessary and destructive competition between countries (governments at all costs trying to attract capital).

5 In addition, large macroeconomic imbalances have not been serious discussions. American consumerism, excess Chinese saving, and therefore the budget and trade deficits Structural many Western countries were not mentioned.

6 Place the dollar in the global economy has not been discussed in depth.

7 ° The exchange rate policies either.

8 ° The role of central banks in the creation of macro-prudential and monetary imbalances, have not been in the priorities of the Heads of State.

How can we prevent the emergence of crises even more serious when we do not discuss the alarming debt consumer debt structural western states (except Germany and some smaller countries ..), dumping taxation between the great powers, the importance of monetary policy, the laxity of the Fed in recent years and therefore instead of the dollar?

9 ° Moreover, the place of environment in great danger by experts (environment which is certainly subject to some sentences in the final statement) must be central issues of growth of our economies and capitalism XXI century.

10 ° Finally, the issue of speculation should be at the heart of reflection on the evolution of our business model if one wishes to relive the excesses known to many derivatives, real estate and other assets ...

We then finish with some words of Keynes (visionary in this context of financial crisis). In 1936, in his General Theory, the British economist we had already warned about "the risk of a predominance of speculation ... which tends to grow as the organization of financial markets progresses.