Too often, a spirit of international cooperation evaporates just when it is most needed and most promising. And then, lack of cooperation leads to crisis; crisis belatedly forces cooperation; but that cooperation must begin with picking up the pieces.
According to Plato, you do not really know something unless you can give an account of it. Otherwise, you have just an opinion and not real knowledge. The seminars that took place during the IMF’s Annual Meetings in Lima, Peru would have made Plato proud.
Our editors deployed their pens and notepads and brought back these themes and highlights.
As you trudge back to the office or cubie with a little sand still crunching in your backpack, you know the holiday is over. To help you catch up, here are some blogs to re-read to get you back into the swing of things.
Remember Europe? I thought so. The European Central Bank is center stage this week as inflation in Europe has hit a trough, which reminded me of our blog about deflation back in March that rattled a few cages.
Which brings us to what will or won’t happen with global interest rates, and their impact on well, pretty much everyone. We’ve analyzed the tea leaves so you don’t have to.
This past weekend in Washington DC, as the economic leaders of 187 countries gathered for the Annual Meetings of the IMF and World Bank, the mood was tense. The world’s finance ministers and central bank governors were concerned because the global recovery is fragile. And, on top of the risks to the outlook, there is concern that the strong international cooperation that was shown during the crisis is in danger of receding. So, after the meetings, was the atmosphere less tense? Yes...and no. The world made some progress over the weekend. But we shouldn’t be too self-congratulatory. We are not yet out of the woods. The IMF’s analysis indicates that improved economic policy coordination, over the next five years, could increase global growth by 2.5 percent, create or save 30 million jobs, and lift 33 million more out of poverty. With such high potential returns, can we really afford each to go our own way?
With the 2010 IMF/World Bank Annual Meetings, you’ll see some big changes from previous years. Our goal—for this year and future years—is to provide a forum for people to debate, to learn from each other (and us from them), and to be part of a global conversation. At this critical juncture for the global economy there are many burning policy issues on the agenda. And, we are opening our doors and inviting you—the membership and the broader public—to be part of this discussion. Our expanded Program of Seminars is a major part of the dialogue. Here, Siddharth Tiwari tells us about the topics that will be discussed and invites you to add your voice to the discussion.