Faculty of Technical Science, University of Novi Sad.
Supranational Governing Regime for the Global Economy
Since the onset of the current world economic crisis, whose effects continue to reverberate, the Group of Twenty has taken a premier role in world economic governance. The group, which represents the major part of world economic flows, has been negotiating on a multistructural set of rules and recommendations in order to devise a new regime for the world economy. In light of this, the paper asks two critical questions: what are the values and norms of this new regime-in-the-making, particularly as they are manifest in new financial regulation, and how are these supranational norms to be put into (national) practices? The paper presents a brief history of regime-making in the period 2008 to 2014, and examines several soft-law models of supranational norm-creation in order to assess success in its implementation. The paper concludes that the G20 regime-in-the-making could prove successful in devising supranational economic policy for the present interconnected world economy if it takes the governance achievements of other such regimes into the account and if the members’ but also non-members’ national economic differences are taken into account to a greater extent. Otherwise, this new structure of norms might become another instrument for the sole benefit of industrialized countries.