In an interview, the former president of Chile, Ricardo Lagos, says that today’s global financial crisis is mainly a political failure rather than an economic one. The US will probably do much better in its financial recovery because its central bank, unlike Europe’s, has the powers it needs.
A world adrift desperately needs global thinkers, most of all from Asia. Singapore's Kishore Mahbubani fits the bill with his new book, in which he calls for a more robust UN, IMF, and WTO – led by the emerging global powers. Let’s hope his optimism about this revival is justified.
The current dollar-based system is broken and can't be repaired, despite the efforts of governments and central bankers. A new currency and monetary order would fix the problem and boost growth.
The G20 has failed to follow through on its coordinated reform agenda. In Cannes this November, G20 leaders must empower a truly independent International Monetary Fund to require real financial reforms – for all nations, regardless of their relationship with the IMF.
A retrospective on the economic history of the past fifty years.
Brazilian President Lula weighs in on the BRIC summit where Brazil, Russia, India, and China showed they are committed to building a joint diplomatic and creative approach to world issues.
The group weathered this challenge, but the developing world needs more say in heading off future ones.
Bush says reforms must improve, not fetter, the free market; Europeans hint at more robust intervention.