Posted at March 30, 2015, by Raleigh Addington, Comments Off on Brics banker Jim O’Neill goes to war on superbugs
Jim O’Neill, the former Goldman Sachs chief economist, is spearheading a mission to tackle antimicrobial resistance, or AMR. The feature of an FT article, he was recruited last year by UK prime minister David Cameron to look for ways to reverse the rising tide of drug-resistant superbugs.
Jim has recently returned from China (pictured above next to President Xi Jinping), where he spent the last week in talks aimed at mobilising Beijing’s support. He argues that “it’s a similar challenge to climate change in that it affects everyone and can only be tackled with cross-border co-operation,” expressing hope that China will make the issue a priority of its G20 presidency next year.
“The western world made a mistake by lecturing the Bric countries about climate change,” he says. “With AMR, they must take charge of the issue because it is in the developing world that the challenge of superbugs is greatest.”
Working on a pro-bono basis from an office at the Wellcome Trust medical charity in London, Jim wants to harness global support for a UN deal on AMR by autumn 2016. An international panel of experts is helping him explore potential solutions.
Posted at March 19, 2015, by Raleigh Addington, Comments Off on International economist Jim O’Neill discusses why the US has to “make space for China” on the global stage
Writing for Project Syndicate,Jim O’Neill, best-selling author of “The Growth Map” (2011), argues that the US has “to make space for China…[and] accept its heightened global role.”
This comment follows from the UK’s agreement to become a founding member of the China-led Asian Infrastructure Investment Bank (AIIB), and the ensuing friction this caused with the US. However, Jim argues that “America’s reluctance – and that of France, Germany, and Italy – to give the emerging powers an appropriate voice in the established international financial institutions is counterproductive.”
China’s $10 trillion economy is bigger than those of France, Germany, and Italy combined. Jim explains that “for anyone who wants to engage in global trade, it is thus vital to identify what China wants.” He suggests that a “new G-7 needs to be created within the G-20, thereby providing China with a degree of influence that reflects its economic weight and requires it to assume a commensurate proportion of global responsibility.”
Jim goes on to warn that opposition to this would “risk accelerating the decline of the established international financial institutions.”
Posted at March 6, 2014, by Raleigh Addington, Comments Off on Dr Gerard Lyons on the prospects of the UK economy
In an recent article for The Telegraph, Dr Gerard Lyons, chief economic adviser to Boris Johnson, explained that the message for Britain from the G20 is to prepare for stronger global growth.
Gerard argues that despite uncertainty, he remains positive about what lies ahead for the UK economy. He points out the reason for this uneasiness is that the global economy has faced three paradoxes in recent years:
The policy paradox – where the policies many countries want to pursue in the long term are not those they have been able to implement in the near term.
The regulatory paradox – in the wake of the crisis, economies tightened regulations, particularly in the financial sector.
The balanced economy paradox – the policies each economy may want to pursue in isolation to get back into shape are not necessarily the policies you want all countries to follow at same time, lest demand weakens.
He goes on to say that as confusing this global picture may be, three messages of reason stand out for the UK.