Articles

Secure, reliable and affordable energy resources are fundamental to economic stability and growth. The erosion of energy security, rising energy costs, the threat of disruptive climate change and the growing energy needs of the developing world – all pose major challenges to energy decision makers. What visions of the future that address these issues are technically feasible and available? Where do we need to focus? And who needs to act and when? The G8 showed farsightedness when it launched its programme to achieve a ‘clean, clever and competitive energy future’ at its Gleneagles Summit in 2005, with a strong follow-up at the July 2008 G8 Summit in Hokkaido/Toyako. However, much more effort is needed. Long-term ambitions must be buttressed by concrete short and medium-term targets and implementation

In recent years, we have seen a significant shift in the global inflation climate. In the 1990s and the early 2000s, it was customary to assume that the influence of China and other low-cost economies would exert a sustained downward pressure on the prices of manufactures and other internationally-traded goods. However, since the middle years of this decade, we have seen a much stronger inflationary impetus from goods that are traded on global markets, particularly oil and commodity prices.

After the 200th anniversary of the abolition of the transatlantic slave trade, there is a certain historical irony in looking today at the prospects for economic cooperation between Africa and the Caribbean in the context of globalisation. The author, in his speech to the African Union- Caribbean Diaspora Conference in London, April 2007, attempted the difficult task of bringing together elegantly the very diverse elements of this topic, which he described as “something of a camel”.This article is adapted from the speech he made on that occasion.

The world economy continues to experience turbulence, as was observed at both the November
2007 Commonwealth Heads of Government Meeting held in Kampala, Uganda, and the subsequent June 2008 special meeting held at Marlborough House, London. It is clear that the international financial system is under great strain, and there are questions about whether the central institutions can still fulfil their role of preventing crises and preserving stability.The author examines the case for reform and considers the specific issues to be addressed.

History has shown that when they agree, Commonwealth ministers can be a force for change, based on a true and strong consensus. This meeting of Finance Ministers presents an opportunity to do so again. The concerns of member states – food and fuel, trade and investment, climate and the Millennium Development Goals – already form an inescapable background to the formal agenda.The Commonwealth’s wide-ranging perception of global progress and problems will illuminate this year’s Finance Ministers Meeting, giving us a chance to show the world how positive change can be achieved.

Message of welcome to Commonwealth Finance Ministers