
2015 – A Year of Implementation
January 2, 2015
By JC Collins
“The G20 has so far taken significant strides in designing and launching policy frameworks in many areas. In November 2014, as the members of the G20 we have agreed on the Brisbane Action Plan and pledged to undertake about 1000 commitments that, if fully implemented, will add more than USD 2 trillion to the global GDP and generate millions of additional jobs for our citizens by 2018. Likewise, for a number of work streams within the G20 including financial regulation, international tax, and international financial architecture, words have played their part. 2015 will be the time for the deeds and the year of implementation.”
From the official Turkish G20 Presidency Priorities for 2015
Only 2 days into the new year and we have the official outline of G20 priorities. They are, as expected, a continuation of alternate framework policies and financial architecture. One thing that is different right out of the gate is the terminology utilized by the Prime Minister of the Republic of Turkey. The quote above makes clear the intention of transitioning from “words” to “deeds” and to “implementation”.
It also references the 2018 time frame which we have discussed as the end of this stage, and the beginning of the next stage of multilateral transition. We will review the three stages of transition further down the road but for now it is important to understand that we are moving from Stage One into Stage Two, and the third and final stage will commence in 2018.
I’m working on a series of e-publications titled The Economic Transition Papers, which will be segmented into the three stages and will offer more detailed information on the processes and structure of the multilateral architecture. Each will be around 50 pages in length and my goal is to produce one a month. The first installment is titled “Reengineering the Dollar”, and should be available sometime next week.
Also from the G20 publication:
“On the demand side, enhancing project preparation, effective project prioritization and developing more efficient Public-Private-Partnership (PPP) models will be our targets. With regard to financial intermediation, Turkish Presidency will attribute great importance to non-traditional sources of lending. Among those we will especially emphasize equity-based financing, with a particular focus on the New Modalities of Asset Based Financing, which is important for infrastructure investment and a good way of diversifying the risks.”
This quote gives us some new terminology to consider. First, we are given the phrase “non-traditional sources of lending” which leads into “emphasize equity-based financing”. These can be taken as subjective references to the SDR bonds and liquidity and required restructuring of the IMF quota amounts, as detailed in the IMF Reforms.
The more important terminology here is found in “New Modalities of Asset Based Financing”. This phrase is loaded with potential speculation and unknowns, but is likely a reference to Basel 3 Banking Regulations and transition to the SDR as the international unit of account.
And finally:
“Completing the IMF reform will not only ensure a more even-handed realignment in the ranking of quota shares, but also help the Fund maintain its legitimacy and effectiveness. There will be a continued emphasis on the ratification of the 2010 IMF Quota and Governance Reform in 2015. In case of a failure, we will start discussions on the alternative ways to enhance the governance of the Fund, with a view to preserve the spirit of the 2010 Reform Package.”
This statement gives a very clear indication that the G20 is considering giving the United States Congress a short window to ratify the 2010 reforms or they will move forward on “implementing” the Plan B reforms, which will bypass the US and potentially remove the American veto, with an even larger decrease in quota amounts.
It also makes overtly clear that the G20, which includes China and Russia, intend on moving forward with the International Monetary Fund as opposed to further fragmenting the international monetary system by creating a parallel and competing system. Reform is the preferred path forward in regards to monetary framework policies.
I would recommend all readers to review the G20 publication as it contains all of the components of the transition which we have been discussing, from an international tax, anti-corruption, energy sustainability, large infrastructure investments, and changes to the international financial architecture. The points in the document mirror what we reviewed in the post The Engineering of Global Public Goods.
As stated by the G20, 2015 will be the time for deeds and implementation. Needless to say, there is much more to come. – JC
http://philosophyofmetrics.com/2015/01/02/2015-a-year-of-implementation/#more-2006
» A gradual decrease in the dollar exchange rate in Baghdad
» Finance writes off governorate allocations..popular anger and parliamentary action
» The Iraqi judiciary agrees to Ashtar's waiver of the amount supposed to be paid to the Rafidain Bank
» Iraq loses 3 trillion dinars in one year due to the corruption of outlets
» After being subjected to air attacks, will Iraq succeed in obtaining an advanced radar system?
» Despite paying the full war debts.. Iraq is obligated to pay other money to Kuwait
» Parliamentarian: Al-Sadr killed his revolution and retreated from the demands for a radical change o
» Iraqi oil exports to independent Chinese refineries rise in a month
» Government official: Iraq is not thinking of floating the currency at the moment
» “Disastrous effects” .. UN report: The construction of an alcohol dam threatens food security in Ira
» From Mosul.. Al-Kazemi invites the political blocs
» Negotiations begin between the National Investment Commission and Hanwha regarding housing units
» The Central Committee of the Sadrist Movement issues a notice regarding the upcoming Friday prayer
» "In order to understand the world, I understand the economy." A new book by an Iraqi economist at th
» A pessimistic report by the United Nations: a mass exodus in Iraq and the drowning of 3 provinces
» Finance announces the release of funds for lecturers and administrators in the governorates
» Health announces the imminent opening of 30 hospitals in Baghdad and the provinces
» Official statistics: Ashura visitors made 220 million phone calls in two days
» The Iraqi Insurance Company announces the provision of new insurance coverage
» The start of talks between the Investment Authority and the Korean Hanwha regarding the completion o
» Representative Ali Shaddad describes what Basra is being exposed to as a big conspiracy and holds th
» The surroundings of Parliament are filled with Husseini processions in an unprecedented scene
» Contrasting speeches penetrated into the struggle of Al-Matoulah between Al-Sadr and Al-Maliki
» British report: Attacks on doctors are increasing, and a large part of them are considering emigrati
» Suggestions to exclude amending the constitution: a complex process at the current stage
» The Ashura Letters between Al-Sadr and Al-Maliki deepen the crisis of dissolving Parliament
» The Food Security Act leaves a new shock to the graduates and the unemployed
» Al-Kazemi: There are great efforts to rebuild Mosul
» Release of funds for lecturers and administrators for the governorates
» Parliamentary direction to resolve the file of their contracts terminated in the Ministry of Defense
» Al-Kazemi: The political blocs are required to assume their responsibilities by resolving the issue
» Iraq reissues a consignment to Jordan
» With a difference of 100 dinars.. dollar exchange rates on the Iraqi Stock Exchange
» Al-Rafidain Bank confirms its continued granting of advances and loans
» Finance addresses the service council regarding the first graduates and those with higher degrees
» The Ministry of Finance calls on the governorates to receive the books of the lecturers' wage differ
» Slight decline in oil prices
» In the presence of Blackshart.. The start of a meeting of Kurdish parties in Erbil
» The new generation decides to boycott the meeting of the presidency of the region with the heads of
» Al-Maliki requires the dissolution of Parliament by reconvening its sessions.. Al-Sadr tweets: Corru
» Al-Kazemi: Dialogue for a thousand years is better than the moment we collide with as Iraqis
» Monday Night KTFA CC "Kazemi Is Like E.F.Hutton" 8-8-2022
» Al-Fateh responds to Al-Sadr's calls: No early elections and no return for the current's representat
» An expert talks about Iraq's loss of two million dollars a day.. Where do you go?
» Iraq's Brink of the Abyss... A Reminder of Nechirvan Barzani's Initiative
» The industry details its plan to rehabilitate and operate the suspended factories
» Electricity: Formation of a higher ministerial committee to oversee the electricity file in the sout
» How big is the Iraqi investments in Jordan?
» Commencement of construction of the "tallest" residential tower in Iraq
» Rule of Law: There are no close political understandings
» The FBI raids Trump's home in search of presidential records, and his son hangs
» A statement by Iraqi intellectuals and journalists regarding the arrest campaign in the Kurdistan re
» The New Generation Movement: Kurdistan's demonstrations will come back stronger
» More than 3,800 accidents during 6 months in Iraq received nearly 4.9 trillion dinars in compensatio
» 40% of Iraqi oil export revenues to China, with which Iraq bought Chinese goods
» Iraq "sacrificed" $20 million a day to persuade India to buy its oil after fierce Russian competitio
» Al-Kazemi will visit Nineveh tomorrow to lay the foundation stone for Mosul Airport
» After the end of the deadline for the Minister of Al-Sadr.. the protesters were removed from Parliam
» Al-Kazemi and Al-Hakim discuss political, economic and security files and discuss the "complete shut
» Al-Sadr: (Dissolving Parliament) has become a popular, political and elitist demand for which there
» The coordinating framework reveals the truth of the agreement to change Al-Sudani to absorb Al-Sadr'
» Al-Kazemi and Al-Halbousi present joint visions to strengthen the constitution and the law
» After the controversy over the $600 million contract, Faik Zeidan talks with Allawi about "contract
» The issue of the 600-dollar contract is escalating.. A Sadrist leader: Ali Ghulam "my tire" and the
» Al-Sadr proposes a "solution" to the political crisis: forming a government devoid of the Sadrists a
» Al-Sadr: God does not judge us (the corrupt)
» Al-Maliki: Parliament will not be dissolved or early elections unless this condition is met
» Iraq decides to allow Kuwaitis to roam the country in their cars without paying any money
» More than 43 thousand tons of raw sugar reach the southern port of Umm Qasr
» The Ministry of Health, the World Health Organization and UNICEF conclude the activities of the Worl
» After defining his demands, will al-Sadr negotiate the coordination framework?
» Al-Sadr: Reform will defeat corruption in Iraq
» Suddenly, FBI agents storm Trump's house
» Iraq's total imports are close to 17 billion dollars... and China is the most important partner
» Its imports are equivalent to oil.. Iraq loses its religious tourism to “win” morale
» Sadr's supporters inaugurate the ninth day of the sit-in with hundreds of tents
» Economist: This is the value of what Iraqis spend on private generators
» Continuing the policy of Arabization in Kirkuk..Deletion of the Kurdish language from official books
» Once again his threat to invade.. Erdogan: The decision to establish the "safe zone" is still valid
» A “historic” corruption deal fines an Iraqi government bank $600 million
» A source reveals the latest developments regarding the 14th Kurdistan Democratic Congress
» Headed by Nechirvan Barzani and attended by Blackshart.. Kurdistan political forces meeting Wednesda
» Nechirvan Barzani on Ashura commemoration: We continue to draw lessons from it for sacrifice and sta
» Kurdistan Democratic Socialist: 'Confederation' is the solution to Iraq's problems
» Early elections, a lifeboat in danger of sinking
» More than 10 billion dollars in Iraq's imports from China in a year
» Alia Nassif calls for the arrest of those involved in the Ishtar Gate scandal... and confirms: This
» Falling oil prices in world markets
» The rise in the exchange rate of the dollar
» Britain: We have confidence in the wisdom of the Iraqi political leaders to come up with practical s
» Saleh on Ashura: Our country needs a comprehensive reform
» Al-Halbousi: The Epic of Ashura is a guide to freedom seekers
» Al-Maliki: There is no solution to Parliament and no elections unless the Parliament returns to sess
» Al-Sadr: Like me, he does not swear allegiance to corruption..Will Nasser help us?
» Some "Monday News" Posted by Samson at KTFA 8-8-2022
» The Central Bank raises the maximum limit for virtual electronic cards
» Some "Sunday News" Posted by Samson at KTFA 8-7-2022
» KTFA Members "News and Views" Saturday 8-6-2022