ABSTRACT
This chapter examines achievements of the 1999 G7/8 Cologne Summit in international policy co-ordination on key issues, as its accomplishments appeared at the Summit’s end. It explores the contribution of the Cologne Summit in putting in place a new set of principles — a Cologne consensus on socially sustainable globalisation — that marked a sharp departure from the prevailing neoliberal orthodoxy dominant in the G8 in the past and that set an appropriate foundation for global governance in the twenty-first century. The chapter offers a sceptical view of the achievements of Cologne in particular and the G8 process of policy co-ordination in general, particularly as an approach to guiding global order in the future. A large task of ensuring effectiveness and coherence in global governance for the twenty-first century lies ahead. The international community had to make critical decisions on the shape of an international financial system appropriate to the needs of an increasingly globalised world and its anxious citizens.
