The worst of the financial/economic crisis seems to be over. Asset markets performed reasonably well in 2010. Growth in the United States and parts of Europe returned.
It is time for the G-20 to take seriously its mandate to agree on steps to stabilize the global economy and launch it on a more sustainable pattern of growth.
For many, if not most, Americans, the crisis that befell them in 2008 – leading to slow growth, rising unemployment, and high anxiety among voters – appeared to spring from nowhere.
In September 2008, the global economy and financial system was hit by an earthquake, whose epicenter was in the United States.
It became clear that the IMF has a crucial role to play in dealing with crisis-induced instability.
Emerging economies, once considered much more vulnerable, have been remarkably resilient. With growth returning to pre-2008 breakout levels, the performance of China, India, and Brazil is an important engine of expansion for today's global economy.
In the past two years, two dangerous episodes of financial instability and sudden changes in market dynamics have hit the world economy. More are likely, such as the sovereign debt and the structure of global demand.
Around the world, the debate about financial regulation is coming to a head. A host of arguments and proposals is in play, often competing with one another – and thus inciting public and political confusion.
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