Larry Summers News

multilateral development banks (MDBs) during India's G20 presidency would help ensure that such global institutions turn bigger and more effective so that their impact on development can be maximised, economic affairs secretary Ajay Seth said on Sunday. The Delhi declaration will lead to more work on this front, he said, a day after G20 leaders affirmed that «the 21st century also requires an international development finance system that is fit for purpose». «Consensus was built on how to strengthen MDBs and how to make them better, bigger and more effective so that their development impact can be maximised,» Seth said. «Stronger MDBs will be important to our efforts to mobilise financing from all sources for a quantum jump from billions to trillions of dollars for development,» as per the declaration. Once the second part of the report of a G20 expert group, headed by 15th Finance Commission chairman NK Singh and former US treasury secretary Larry Summers, firms up a road map for an updated ecosystem for MDBs, more deliberations are expected on this issue. As for the issue of the climate resilience debt clause, Seth indicated that it was not being discussed for a long time and that more technical work would be required on this front.

Activision, a gaming firm, arguing it could suppress competition in the video-game market. A hearing was set to begin on June 22nd—a very public test of whether Ms Khan is choosing the right deals to contest. Lacking a federal privacy law or new antitrust legislation, which Congress has not approved, Ms Khan has persevered alone.

President Joe Biden is stopping in the battleground state of Wisconsin to discuss how policies he calls “Bidenomics” are boosting the economy

G20 meetings seem to be degenerating into a juvenile game of passing the parcel. Most theme-oriented working groups have been unable to agree on a communique, with the task left to non-controversial huddles, like on startups.

India will attempt to push for substantive outcomes at the G20 on a global framework for crypto assets, multilateral development bank reforms, debt resolution, and digital public infrastructure. A synthesis paper with a summary of the International Monetary Fund report on macro-economic stability and the Financial Stability Board's report on regulation for crypto assets along with New Delhi's input note would be presented to the leaders for deliberation at their summit in September, people privy to the matter said.

GANDHINAGAR : The US and its allies are building on actions to crack down on efforts by Russia to evade sanctions, US treasury secretary Janet Yellen said on Sunday. "One of our core goals this year is to combat Russia’s efforts to evade our sanctions. Our coalition is building on the actions we have taken in recent months to crack down on these efforts," Yellen said during a press conference at the sidelines of the third G20 Finance and Central Bank Deputies (FCBD) meeting.

G20 to suggest a reforms blueprint for multilateral development banks (MDBs) has recommended enhancing their sustainable level of own-account non-concessional finance to $300 billion annually by 2030 among several other measures to make them more impactful. The concessional finance target is pegged at $90 billion annually.

Former Treasury Secretary Larry Summers has compared the sudden fall of cryptocurrency exchange FTX to energy trader Enron's scandal in the early 2000s.

Prominent economists including Larry Summers predict a recession is coming. Half of Americans think the U.S. is already in one, according to a Wall Street Journal poll. Federal Reserve Chairman Jerome Powell has stopped talking up a “soft landing,” when the economy slows enough to bring down inflation but not push unemployment up much, and has begun warning of pain.

Graham Allison is the Douglas Dillon professor of government at Harvard University