...ponder coordination among G20 economies.
This rather downcast analysis of what possibly comes next should ring alarm bells in Washington and in other capitals. It is a call for intensifying international economic diplomacy with a view, first and foremost, to reaching rapid convergence on a common analysis of what ails the global economy. Without that, any other step can’t be productive.
Global economic cooperation has been weakened by a disappointing G-20 summit. But coordination is still the only way to secure the collaborative outcome that is so critical for the wellbeing of so many around the world.
“Uneven growth and widening imbalances are fueling the temptation to diverge from global solutions into uncoordinated actions,” the G-20 statement said, adding that “uncoordinated policy actions will only lead to worse outcomes for all.”
Without common analysis and purpose, we will all find that a rather bland G-20 statement will, unfortunately, become very prescient.