Low expectations have been met. Divisions on how to deal with the financial crisis remain. Imbalances in the global economy lie uncorrected. But the G20 summit took important steps in improving the machinery for coping with the financial crisis. The mere fact of agreement will have expanded, in Gordon Brown’s phrase, the oxygen of confidence in the global economy.
To judge a summit primarily by its contribution to psychology may appear to trivialise a crisis that is widely compared to the Great Depression. Yet confidence is the crucial missing ingredient. Its absence has directly caused the collapse of the Western financial system….
As far as wraps on this meeting are concerned, personally I prefer [url=http://www.atimes.com/atimes/Global_Economy/KD04Dj04.html]this one[/url].
I’m with you, VH. They’re focusing on the fact that everyone held hands, while eliding the other that they then leapt off a cliff.