BALANCE OF POWER IN FINANCIAL AND ECONOMIC CRISIS

There is no doubt that one of the consequences of the financial and economic crisis was a shift in power and influence. The ascendance of the G-20 at the cost of the G-8 is irreversible. The larger threshold countries are demanding more influence. Brazil, China, India and South Africa do not want to put up with a modest further shift of only 5% of voting rights. A renewed conflict is imminent.

The IMF is back and has again grown in importance. This also explains the adamant attitude of the larger threshold countries. Obviously they also see the IMF rather than the UN as the decisive power centre and forum for disputes on global economic issues. And they take advantage of their access to the newly significant G-20. They want to exercise their influence there for a new global financial order. Smaller and weaker States are rather committed to the UN, though without far-reaching success.

The industrialised countries have not become impotent. The agenda of the global discussions still bears the stamp of the interests of the rich countries. This can be demonstrated by three examples: the debate on debt, the issue of global taxes and the question of international tax evasion and capital flight.