Readers' Guide Comment on “appetite for fundamental improvements in international governance and cooperation appears to have waned”
The motivation for fundamental change was also undercut by the willingness of the OECD 1 governments to ‘solve’ the short term capital crisis of the financial industry without extending public policy oversight to the ‘cash gifts’ made to the banking sector or seeking civil or criminal sanctions against the financial community. These inactions removed a potentially significant financial and political stimulus for change by other elite leaders of the OECD economies. And these government actions did not do is address the fundamental governance issues and the systemic global risks. These problems may well have to wait for a second global financial crisis, when the OECD states no longer have sufficient resources or political capital to prop up the finance sector with cash infusions.
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