After a rather long span of high growth rates, slow inflation and financial stability, the world faces a period of prices volatility, economic uncertainty, social instability and loss of confidence. In order to implement anti-deflationist and fiscal pro-growth policies, and to organise international cooperation on these matters, state intervention is once more needed. More generally speaking, new forms of world governance must be engineered (G20, a new distribution of mandates in the IMF, etc.).

Kemal Dervis led the United Nations Development Program (UNDP) from 2005 to 2009. He served as Economy Minister (2001-2002), elected representative for Istanbul to the Turkish Parliament and was a member of the Convention on the Future of Europe. He also served as Vice President of the World Bank (1996-2000). His latest book is A Better Globalization: Legitimacy, Governance, and Reform (New York, Brookings Press, 2005).

Buy the article on CAIRN website