Sure, in recent years EMEs have been less affected by recessions in advanced economies owing to improved policy framework and more effective macroeconomic management. But over an entire cycle, the economic prospects of EMEs remain firmly coupled with those of advanced economies. Global adjustments – short term and medium term 10.
All members of the G-20 are deeply conscious that purely national solutions do not solve global problems and that they each need to make an adjustment to the post-crisis global realities. It is in calibrating the exit in the short-term and sequencing the structural reforms in the medium term that the differences arise, and that is where global cooperation is most vital. 11.