And we have to implement effectively, efficiently and as rapidly as possible the decisions the decisions taken in the G-20 meetings. Who must accept responsibility for this crisis? I don’t see any value in looking for scapegoats. For instance, some may make banks or rating agencies the whipping boys. But to me the entire financial system has proved unsatisfactory.
Good policy can – and does – make a difference. It is important to understand that the four points of the G-20 Framework that I described earlier are mutually reinforcing. The first three points, though they are essential for stable and welfare-improving outcomes in the future, were known to have deflationary effects in the short to medium term, depressing global demand.