In economic terms, workers' remittances were systemically important, accounting for 1.3 per cent of developing countries' gross domestic product in 2002.

LONDON Obviously, the global financial crisis of 2008 2009 was partly one of specific, systemically important banks and other financial institutions such as AIG. In response, there is an intense debate about the problems caused when such institutions are said to be too big to fail.

Though many Middle East countries remain highly unstable, none of them is systemically important in financial terms, and no conflict so far has seriously shocked global oil and gas supplies. But, of course, exacerbation of some of these crises and conflicts could lead to renewed concerns about energy security.

Perhaps most important is a coherent, consistent approach to dealing with the imminent failure of systemically important institutions. Taxpayers and governments alike are tired of bailing out creditors for fear of the destructive contagious effects of failure nbsp even as bailouts encourage excessive risk taking.

Perhaps most important is a coherent, consistent approach to dealing with the imminent failure of systemically important institutions. Taxpayers and governments alike are tired of bailing out creditors for fear of the destructive contagious effects of failure even as bailouts encourage excessive risk taking.

And most important, you can't ignore how important mobile phones are to global youth.

The first is to plan retrofitting much more systemically at the metropolitan scale.

After all, private creditors hold only a minimal share of Greek debt nowadays. In 2010 2012, by contrast, systemically important European banks were exposed, raising the risk of a domino effect that threatened the entire eurozone.

No one likes scrutiny, of course. And everyone in the asset management industry seems to fear being put under the Fed s microscope, which is what happens if the FSOC determines that a business is systemically important.

Throwing money at banks hasn t helped homeowners foreclosures continue to increase. Letting AIG fail might have hurt some systemically important institutions, but dealing with that would have been better than to gamble upwards of 150 billion and hope that some of it might stick where it is important.

Yet countries seem hesitant to contribute to the reform and strengthening of these institutions. In fact, a growing number of systemically important countries have taken measures that are undermining the Fund and the Bank, albeit largely inadvertently.

The IMF should also be more proactive and speak with greater candor in systemically important countries, where shortcomings in financial supervision and crisis management have appeared. It should assist emerging economies in shaping sound domestic financial markets.

Such crises cause major negative demand shocks, as excess debt and falling asset prices damage balance sheets, which then require increased savings to heal a combination that is lethal to growth. If the crisis occurs in a systemically important economy such as the US or Europe (emerging economies' two largest external markets) the result is a global shortage of aggregate demand.

To this end IMF surveillance should include regular updates on supervisory regimes in systemically important countries. Early warnings, commissioned by the G20, should be specific and the IMF should monitor whether policymakers give follow up to the Fund s advice.

The GIWA global report provides a comprehensive view of the most important findings on global and regional scales.

The school solution, agreed at the Financial Stability Board in Basel, is that global regulators should clearly identify systemically significant banks and impose tougher regulations on them, with more intensive supervision and higher capital ratios. That has been done.

So far, the G 20 s call to think globally has turned into act locally. We hope that the G 20 leaders will think systemically at Cannes, and act nationally and cooperatively to defuse the global credit glut minefield.

This trend might well continue until cross border claims become so small that they are no longer systemically important as was true before the introduction of the euro. At the current pace, this point might be reached within a few years.

So far, the G 20 s call to think globally has turned into act locally. nbsp We hope that the G 20 leaders will think systemically at Cannes, and act nationally and cooperatively to defuse the global credit glut minefield.

In an ordinary industry, incompetent firms (and their employees) would be forced to exit. In the financial sector, the incompetent take on more risk, hoping to hit the jackpot, even while the regulator protects them by deeming them too systemically important to fail.

An important component of UNIDO's mandate was its function as a global forum.

Systemically important emerging economies are also subject to considerable uncertainty. Brazil s presidential election in October will determine whether the country makes progress toward a new, more sustainable growth model or becomes more deeply mired in a largely exhausted economic strategy that reinforces its stagflationary tendencies.

With Germany s reunification, the main impetus behind the integration process was removed, the financial crisis unleashed a process of disintegration. The decisive moment came after Lehman Brothers collapsed, and authorities had to guarantee that no other systemically important financial institution would be allowed to fail.

Of course, some discussion of financial sector reform is taking place in a variety of forums, with a gradual consensus building around sliding or incremental capital adequacy rules. But many systemically important banks became bigger rather than smaller as a result of the crisis.

Sport and physical education play an important role at the national and global levels.

The time for global mobilization had come and it was important to work together.

And yet much of the current uncertainty is set to dissipate. In the coming months, highly consequential policy decisions (or their absence) in systemically critical parts of the global economy will be revealed, with significant effects on growth rates, asset prices, and overall confidence.

Refusing to pay is not a viable option, because Germany and all other eurozone members are in the same boat. A Greek default would threaten to sink them, too, for it would raise immediate concerns about the solvency of Europe s systemically important banks and insurance companies.

Of course, China believes that its own currency, the renminbi, should eventually play a central role in this new monetary system, so that it reflects China s role not only as a leading engine of global economic growth, but also as the world s largest creditor. Indeed, together with the other systemically important economies (the US, the UK, Japan, and the eurozone) China drives trends that, for better or worse, extend far beyond its borders.

Papandreou s decision to call a referendum in Greece could thus have marked the beginning of the endgame for the euro. At this point, the common currency can be saved only if systemically important countries namely, Italy and Spain take concerted action to demonstrate that they are different from Greece.

There are not that many modern varieties of this sort of practice, but the 1944 United Nations Monetary and Financial Conference at Bretton Woods comes close. By systemically engaging with the economic issues involved in building a viable international system, experts created a new global economic and political order.

General description An important aspect of competing in today's globalized economy is obtaining access to global markets.

The world is at a crossroads and the most important global Organization also stands at that crossroads.

NPT is a time tested, vitally important international instrument which ensures global and regional stability and security.

Obviously, total and global disarmament, starting with peace between neighbours and good neighbourliness, remains an important goal.

The first phase of the Global Marine Assessment the so called assessment of assessments will be important.

Then came the crash of 2008, which originated in the United States but caused greater problems in Europe than anywhere else. Policymakers responded to the collapse of Lehman Brothers by announcing that no other systemically important financial institution would be allowed to fail, which required substituting state credit for frozen markets.

But the most important issues to sort out are less about feasibility than about desirability, from both a national and a global perspective. As with US companies, it is important to differentiate among corporate, economic, and public interests at the national and global levels.

We view this system as an important stage in the establishment of a global disaster early warning system.

Substantially increasing the financial base of the Global Environment Facility is critically important and should be seriously considered.

MILAN The world s developed economies, of which the United States is by far the largest and systemically most important, face a range of difficult political and social choices. President Barack Obama s proposed US budget acknowledges and addresses those choices and tradeoffs directly and fully for the first time in the post crisis period.

Nationalization also resolves the too big too fail problem of banks that are systemically important, and that thus need to be rescued by the government at a high cost to taxpayers. Indeed, the problem has now grown larger, because the current approach has led weak banks to take over even weaker banks.

It is important, but what the ordinary women and men who engage in micro production want is global access.

The past year also witnessed important developments with respect to Global Compact country networks, now numbering more than 40.

The Monterrey Consensus is important, as it forms a global response to confronting the challenges of financing for development.