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4th seminar – Recommendations

Towards a renovated global governance: the Euro-BRICS partnership, condition to a non-conflictual cooperation between global blocks

Moscow (MGIMO), May 23-24 2013,  organised by LEAP/E2020 in partnership with MGIMO

Following the seminar, the participants proposed a list of recommendations to be urgently addressed:

1. Towards a new financial architecture

  • Reduce the size of banks and restore Glass-Steagall Law, which separates commercial and investment banks, adding to it major supervision of financial institutions (consider public tutelage).
  • From a bail-out to a bail-in template: restructuring the insolvent western financial system at the expense of management, stockholders and creditors.
  • Forbid financial institutions to engage in speculation in energy and agricultures commodities.
  • Create a new international monetary system based on a basket of currencies of the main economies of the world.

2. Towards new principles for transcontinental trade

  • In order to address growing transcontinental trade conflicts, reduce free-trade approaches to trade within regional entities and favour more protective « trade facilitation » approaches to trade between regional blocs.
  • In order to address growing public distrust regarding trade agreements, ensure transparency of negotiations and the involvement of the civil societies concerned in this field.

3. Towards a non-conflictual access to energy

  • Buildon Europe’s ECSC experience to design a Strategic Energy Partnership in charge of regulating and improving a non-conflictual access to resources.
  • Put an end to the City of London’s monopoly over oil insurance and risk management.
  • Develop the initiative for a Global Fund for financing the research and initial deployment of new clean

    technologies.

  • Design a comprehensive plan to reduce/suppress subsidies to fossil energy.

4. Euro-BRICS rapprochement as a matrix of future global gouvernance

  • Organise a first Euro-BRICS summit in 2014 at the latest.
  • Consider the possibility to establish Euro-BRICS Working Groups on Specific Issues with a special focus

    on scientific cooperation and education.

  • Establish a Euro-BRICS « trade facilitation » platform of dialogue.
  • Continue Euro-BRICS platforms of dialogue in the various international organisations (WTO, etc…), for

    instance in the lead-up to the Ninth WTO Ministerial Conference in Indonesia in December 2013.

  • Modernise human flow controls and launch a project of Euro-BRICS « Schengen Area ».
  • Introduce a common African agenda in all future Euro-BRICS summits: Push for cooperation and

    coordination between the Europe and BRICS on African issues.

  • Consider the creation of a Euro-BRICS rating agency.

5. Euro zone leaders special recommendation

  • Complete Euroland’s monetary independence by finalizing the euro exit from the dollar zone infrastructure, for instance by putting an end to the invoicing of Euroland international transactions in dollars.