Using these sources, and your own knowledge, consider the extent to which global economic governance

Using these sources, and your own knowledge, consider the extent to which global economic governance is effective. Source A The remarkable growth in the extent of international economic integration in recent decades has far outpaced the existing capacity for global economic governance. The intensification of globalization has increased the inadequacy of the institutions of global economic governance and their policies. This became especially apparent during the Global Financial Crisis, also known as the Great Recession, which began in 2008 and the destructive effects of which still continue. The crisis showed that contemporary national and international economic institutions could not achieve stability let alone other goals. In fact, some of the policies multilateral economic institutions have been commending during the last thirty years contributed to the contagion which spread globally from the US where the crisis began. Source B Key objections have been raised in national parliaments to the fiscal disciplines that the new, and spectacularly mis-named, “stability union” imposes on members of the eurozone, while the beefed-up financial backstop to halt further market contagion already looks pretty much dead in the water. Nor is it just within the narrow confines of the eurozone that the financial crisis is testing multilateral solutions close to destruction. Who could in any case regard the vicious program of austerity measures prescribed by multilateral arrangem