Editor's Note:

As the G20 Leaders' Summit approaches, the topic of global governance in the post-crisis era has been under heated discussion. Scholars shared their opinions over the issue at the "Great Finance, Great Cooperation, Great Governance" International Think Tank Conference recently held by Chongyang Institute for Financial Studies in Beijing.

Chen Yulu, president of Renmin University of China, a member of the Monetary Policy Committee of the People's Bank of China

The global economy is still adjusting a more complex and changeable financial environment. With developed countries facing an array of uncertainties in recovery and emerging economies encountering many difficulties, the deep impacts of the international financial crisis continue to be seen.

Based on Chinese experience in tackling the crisis, institutions and departments should restrict excessive virtualization of finance and ensure sufficient capital flows to the real economy.

A cooperative framework of "great finance" should be established to facilitate the global economy to get out of recession and coordinate macroeconomic policies. Besides monetary policies, the framework should involve mechanisms to supervise macroeconomic, fiscal and financial policies.

Countries should heed the reasonable concerns of other economies while pursuing its own interests. Competitive devaluation eventually leads to a dead end. A more rational international political and economic order should reflect the concerns of new emerging economies by giving them a bigger say in the global decision-making process.

More qualitative and competitive development driven by innovation is needed for the world to fully recover from the ongoing crisis and for China to upgrade its economic structures.

Robert Mundell, a Nobel Prize-winning economist and professor of economics at Columbia University

There are three flaws in the international monetary system: the instability of raw material prices, instability of major exchange rates and inadequate governance of the system. And part of my solution is to stabilize the dollar-euro rate.

The G20 is supposed to play a critical role in this connection because its arrangement supplements the G7-8-9 by including the increasingly important middle powers.

It has a common stake in the stability and growth of the international economy and the exchange rate system, but it leaves out of account about 150 countries that would classified as small countries.

The stake of the small countries in a well working stable international monetary system is enormous as their currencies have no chance of becoming global currencies, which means they lack monetary power.

The ideal arrangement for those countries is a world currency and thus the 20 countries should try to include their rational concerns and demands.

The idea of "symmetallism," like electrum or special drawing rights (SDR), has never worked in the past. The SDR could only work effectively if it included currencies that are fixed to one another.

Therefore, the most important project of G20 should be the establishment of an SDR of stable currencies; that should include the hypothetical DEY (Dollar-Euro-Yuan) and, if possible, the pound and the yen if those currencies became fixed.