Clearly, we also need a much better grasp of the global implications of domestic economic policy decisions, especially in the case of the largest economies. Are there reasons for optimism looking forward? Even if limited in scope and depth, the recent reform of the global economic governance structure was simply unthinkable a few years ago.
It took the worst global crisis since the Great Depression to create consensus for the approval, although not yet implementation, of this reform. I hope that this time around it will be a good dose of wisdom, leadership and political effort, rather than the eruption of a new crisis, that will allow us to move to the required track.