Having just returned from a meeting of G-20 Finance Ministers and Central Bank Governors in Korea over this weekend, I am deeply sensitive to the value of generating a wider debate on issues that the world has to grapple with as we emerge out of the crisis. 2. The focus of this conference on global cooperation is particularly relevant.
Everyone now has her/his list of lessons of the crisis, and one item common on almost every list is the lesson that today’s macroeconomic problems cannot be resolved without global cooperation. The crisis has taught us that no country can be an island and that economic and financial disruptions anywhere cause ripples, if not waves, everywhere.