In April 2009 the G20 summit in London signed a global plan for recovery and reform. Although justified by the extent of the crisis and varied in extent across countries, this fiscal stimulus caused a substantial deterioration of public deficits and debt-to-GDP ratios.
You know the issues quite well, the list of challenges has been daunting and, in fact, has become even longer: 1. Global monetary policy divergence between a previously hawkish US Fed and accommodative advanced economies (AEs) elsewhere;  2. Growth slowdown in big emerging markets (EMs) such as China;  3. The collapse and the recent see-saw in oil prices;  4.