ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Where Is the Rethinking?

The G-20 summit proposes an apologetic plan of action for monitoring the financial markets.

A week after the summit convened by the United States (US) of the heads of government of the group of 20 (G-20) nations, the world economy seems to have recognised what the Washington meeting was all about: part showmanship, part international initiative and part rich world jockeying on how to tackle the global economic crisis. If the members of the G-20 hoped that the 15 November “Summit on Financial Markets and the World Economy” would signal that measures are afoot to end the downward spiral, then they have failed: the spiral continues and the threat of global deflation is growing by the day.

The G-20 and international media have themselves to blame for the summit falling short of expectations. In a world flailing around for a solution to end the economic turmoil, the Washington conference was invested with the promise of delivering a quick fix solution. Conflating the G-20 meeting with the proposal to convene a “Bretton Woods II” conference only raised expectations to unrealistic levels.

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