“Be thankful for what you have” might be the appropriate epitaph for the Great Recession – it could have been worse. This is followed by a discussion of the economic game plan that was laid out by the G-20 leaders at a meeting convened by President Obama in late 2009.
But we should be wary of distorted arguments based on partial calculations and a selective approach to the various pros and cons. Rather than looking at the status quo and asking whether there has been toomuch or too little regulation and supervision thus far, we should recognise that we have a common interest in achieving better regulation.