Such policies should be supplemented by a set of structural policies that foster economic flexibility, as well as by policies that encourage openness to international trade. By strengthening their domestic economies while taking global developments into account, policy-makers will be helping to improve the world economy.
Where I think we do need coordination is in the establishment of frameworks that facilitate international commerce and strengthen the global financial system. We do need a coordinated international trade order, and the strengthening of that order remains a worthy goal for us all. We do need a coordinated, transparent framework to support and maintain effective and efficient global capital markets.