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What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System

The world is at a dangerous point. Governments and central banks have staunched the bleeding in their financial systems. They seem unprepared, however, for the next round of difficulties that will arise as the recession grows and financial crises spread to emerging markets. Economically and financially, there is a clear sense that things are spiralling out of control again.

The G20 meeting in Washington next weekend is an opportunity for the leaders to show that they have the will to solve the global crisis. This E-book collects essays on what the G20 should do. The authors � world-class economists from around the globe � identify four priorities for action:

� In the financial sector, act quickly, strengthen and coordinate emergency measures to staunch the bleeding; in the real sector, use fiscal stimulus to get the patient's heart pumping again.

� Act immediately to strengthen the ability of the IMF and other existing institutions to deal with the crisis in emerging markets.

� Start thinking outside the box about longer term reforms.

� Above all, do no harm.

Political conditions are not propitious, yet the state of the world economy is too delicate to wait. An empty declaration that shows our leaders are unable to agree on priorities will tell investors that the future will resemble the recent past. The wrong outcome from this meeting could damage the world economy rather than repair it.

The authors are: Alberto Alesina, Erik Bergl�f, Willem Buiter, Guillermo Calvo, Stijn Claessens, Paul De Grauwe, Wendy Dobson, Barry Eichengreen, Daniel Gros, Refet G�rkaynak, Takatoshi Ito, Vijay Joshi, Yung Chul Park, Raghuram Rajan, Dani Rodrik, Michael Spence, Guido Tabellini, David Vines, Ernesto Zedillo and Jeromin Zettelmeyer.

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Citation

Eichengreen, B and R Baldwin (eds) (2008), ‘What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System‘, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

Citation

Eichengreen, B and R Baldwin (2008), ‘Introduction: What G20 leaders must do to stabilise our economy and fix the financial system‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

Citation

Eichengreen, B and R Baldwin (2008), ‘Introduction: What G20 leaders must do to stabilise our economy and fix the financial system‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

Citation

Tabellini, G and A Alesina (2008), ‘Quick action for the real economy; sober reflection for financial regulation‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

Citation

Gürkaynak, R (2008), ‘Coordinated responses versus identical responses‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

Citation

Spence, M (2008), ‘Agenda for the next few months‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

Citation

Rodrik, D (2008), ‘Making international finance safe for the world economy – not the other way around: What should the G20 communiqué say?‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

Citation

Buiter, W (2008), ‘Some suggestions for the G20 on November 15th‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

Citation

Eichengreen, B (2008), ‘Not a New Bretton Woods but a New Bretton Woods process‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

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Claessens, S (2008), ‘The new international financial architecture requires better governance‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

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Gros, D (2008), ‘Europe’s two priorities for the G20‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

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De Grauwe, P (2008), ‘Returning to narrow banking‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

Citation

Ito, T (2008), ‘G20 Summit: What they should achieve‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

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Dobson, W (2008), ‘Delivering change. Together.‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

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Park, Y (2008), ‘East Asia’s Self-managed Reserve Pooling Arrangement and the global financial architecture‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

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Calvo, G (2008), ‘The New Bretton Woods agreement‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

Citation

Vines, D and V Joshi (2008), ‘A New Bretton Woods system should curb boom and bust‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

Citation

Zettelmeyer, J and E Berglöf (2008), ‘Targeted improvements in crisis resolution, not a New Bretton Woods‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

Citation

Zedillo, E (2008), ‘Save Doha to save the G20 Summit‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial

Citation

Rajan, R (2008), ‘Reforming global economic and financial governance‘, in Eichengreen, B and R Baldwin (eds), What G20 Leaders Must Do to Stabilise our Economy and Fix the Financial System, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/what-g20-leaders-must-do-stabilise-our-economy-and-fix-financial