November 14, 2008

Bretton Woods - the Sequel?

The G20 meets this weekend to see if an agreement can be made to mitigate the global economic crisis. The Economists has a good article about the prospects.

The summit is sure to stir up a debate about the institutions that oversee the international economy. By convening the G20 rather than the closed, rich club of the G7, the old order has in effect acknowledged that the rest of the world has become too important to bar from the room. But what new order should take its place? Answering that question has been a parlour game for economists since long before the crisis. By encouraging them to dust off their pet ideas, the summit will at the very least create a bull market in new schemes for global economic governance.

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