On the other hand, concerns relate mainly to the potential for a stronger impact on the real economy of the turmoil in financial markets, as well as to the emergence and intensification of protectionist pressures and to possible adverse developments in the world economy stemming from a disorderly correction of global imbalances.
The launch of the first Mutual Assessment Process (MAP) by the G20, in collaboration with the IMF, is a new attempt at multilateral cooperation and coordination. Given the potential benefits, this objective should be pursued with determination. However, the effectiveness of the G20 process still needs to be demonstrated going forward.