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At the beginning of 2009, two major conferences – the World Economic Forum in Davos and the Munich Security Conference – took place, like in any other year before.
However, when compared to the past, both events were embedded in a greatly different environment, namely against the background of the world's greatest financial crisis for more than 70 years. Taking a look at the title of the World Economic Forum „The Shifting Power Equation“, the distorted balance of power within the international system becomes clearly visible. This fact cannot be ignored indeed. The financial crisis has weakened the already shrinking influence of the United States to an even greater extent. But other – so far emerging – countries such as China and India have been hit by the results of the crisis, too, and therefore cannot be proclaimed as beneficiaries of the current situation. The same can be said regarding the Russian Federation which suffers tremendously from the falling oil prices. And finally, Europe finds itself in the claws of the financial crisis as well. A small European country could only be saved from total collapse due to massive international financial help.
Siren Chants of Protectionism These facts ultimately lead to the question whether the international state system is facing a threat similar to the one which has already been challenging the financial and banking sector heavily. One does not need to bring up the bogey of social tensions and inner unrest in the affected countries in order to display the severity of the situation and possible security-related consequences.
Politics, which has found itself in the position of a savior against the background of the financial crisis, has now the chance to counteract the effects considering our security. This requires that an escape from the current crisis will neither be sought in leaving the agreed-on climate goals nor in a return to protectionism. Both are very tempting options, however, both options do not represent acceptable answers.
Many considered the bank crisis as the first major crisis of Globalization. The first great challenge was and is International Terrorism, though. Because of the fact the the International Terrorism poses a threat to the security and safety of the entire free world, it is absolutely necessary to answer within the framework of international solidarity. That this threat still is alive, very alive indeed, despite countless international efforts, doesn't need to be stressed separately.
The Necessity of Internationally Coordinated Actions The financially, economically, politically, ecologically and socially globalized world doesn't offer chances only, but also inherits enormous risks. The banking and financial crisis, which has developed into an international economic crisis, poses a threat of so far unknown proportions. Its solution cannot be expected from national measures only, but exclusively from internationally aligned actions.
Politics possesses the capabilities of not letting the loss of authority in the financial world be followed by a similar loss of trust in the field of politics. The necessity of internationally coordinated acting must be widely accepted. The efforts of the EU, the G20 and the first attempts of the new American administration seem to reflect this category of thinking and are therefore a ray of hope in troubled times.
Ruprecht Polenz wrote this article exclusively for hbpa.
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