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The last several weeks have been extremely frustrating for many activists, international organizations and general public. Several international summits have shown that the global governance system was significantly damaged by the global financial crisis. The crisis created uncertainty about the future and made governments of the world’s leading economies careful about their commitments. After the meeting of parties of the UN Framework Convention on Climate Change on 2-4 November 2009 in Barcelona it became clear that the conference of parties to be held in Copenhagen in December was not likely to result in any legally binding arrangement to succeed the Kyoto Protocol. The World Summit on Food Security held on 16-18 November also did not result in any significant binding commitments. Meanwhile, the Food and Agriculture Organization of the UN reports that due to the global economic recession, the number of hungry people in the world will exceed one billion in 2009. In 2008, it was 850 million people. Only the G-20 Summit in Pittsburgh in September 2009 can be seen as a success of international regulatory efforts, at least to some extent. G-8 was transformed into G-20. The general principles of the new global economic architecture were approved. One of such principles is tough regulation of financial markets. Read the rest of this entry »