On Monday October 24, 2011, the Roman Catholic Church (Vatican) proposed the need for a global financial oversight system, due to the failure of government oversight. The Vatican claims that the International Monetary Fund and other international economic oversight institutions have failed in response to the issue and there is a need for a more active international institution that can better address economic problems; this institution should have the ability to surpass the government’s authority in regard to the economy. According to the Vatican, the failure of states to stabilize their economy is due to the interconnectedness of all state economies (globalization); globalization is also the reason they provide for the success of a more powerful international institution for economic oversight.
The Vatican presents a liberal concept of the International system; they believe that cooperation will occur and this International institution can hold more power than a sovereign state. Yet, what the Vatican overestimates is the willingness of a sovereign state to give away authority over their economy. One can say that International Monetary Fund has not succeeded in the international economic oversight because it is not sovereign and therefore has no method of enforcement. The Vatican’s request inferred that the new institution could potentially change the balance of power and destabilize powerful nations. The change in balance of power would only occur if this new institution held more power than sovereign nations, which would mean the cooperation of sovereign states.
My view towards the international system is of a realist; I believe that sovereign nations hold the most power and they’re main objective is to have the most power, economically, technologically, militaristically, etc. There is no sovereign state that would be willing to give up some of its power without a guaranteed benefit. The idea that one international system has the authority of the world’s economy, scares the powerful nations; like the Vatican pointed out, they could potentially lose the large amount of power they have obtained. Having power ensures the survival of the state, which is a government’s main priority. Everything a nation does is to protect itself first. Therefore, the Vatican’s proposal would eventually end up failing in its purpose. Whatever the new institution were to propose, they would have no form of enforcing these regulations on every sovereign state and each government would still continue to have more power than the institution.
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