In order to lessen the impact of the global recession, keeping employment up will be important, since, if we cannot do so, spending will decline and a decline in spending means a worsening of the impact of the recession. It will be important for the social partners to collaborate closely to arrest this development.
Examples include the European Systemic Risk Board in Europe, the Financial Services Oversight Council in the US, and the IMF-FSB Early Warning Exercise to assess macro-financial risks and systemic vulnerabilities at the global level. A lot remains to be done in this, in many respects, unchartered territory.