Had the euro area further improved the functioning of its markets, the impact of the slowdown would have been more contained. If China had focused more on its domestic market rather than basing its growth on exports, in particular through a policy of  4  BIS Review 156/2008  competitive exchange rate policy, its economy would have been less vulnerable to external shocks.
All these policies might not have been sufficient, by themselves, to ward off the crisis, but they certainly would have made our economies more resilient. Any revitalisation of the multilateral consultation process needs to address issues related to financial markets and trade as well, as implied by the recent G20 summit in Washington.