Four interconnected dimensions of global economic governance account its lack of effectiveness outside crisis periods: Its leadership: The G20 lacks clear leadership.
The ubiquity of access to instantaneous “news” – from globalised news organisations and via the screens on our desks, CNN and so on – and the pace at which households and businesses adjusted their expectations and behaviour based on this new information was surely a big part of the explanation for the highly synchronised slump in demand around the world during the final few months of 2008.