This essential book, a companion volume to The G8 System and the G20: Evolution, Role and Documentation (Hajnal, 2007), is an authoritative work of reference on the G20, G8 and G20 reform, and relevant information sources. Hajnal thoroughly traces the origins of the G20; surveys the G20 finance ministers' meetings since 1999; and the series of G20 summits since 2008. He examines agenda-setting and agenda evolution; discusses the question of G20 membership and surveys the components of the G20 system. The book goes on to analyse the relationship of the G20 with international governmental organizations, the business sector, and civil society and looks at the current relationship between the G8 and the G20. He also discusses how G20 performance can be monitored and evaluated.
Within its inflation-targeting framework, the Magyar Nemzeti Bank (MNB) has frequently adjusted its monetary operations. This has raised questions about their internal consistency, appropriateness, and effectiveness. A broader assessment, implying a comparison to a counterfactual, is outside the scope of this paper. Our prior is agnostic. We find that the changes were generally well-motivated within the MNB statutory powers; prioritized, transparently explained, and monitored; and promptly adjusted, when they no longer served their purpose. Occasionally, some tools have worked at cross purposes. Government policies have at times hampered monetary policy. Simplicity comes with a premium, as complexity can blur signals.
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