National Drift or Global Mastery
More than four years into the global financial crisis, the G-20's call in 2009 for a global growth compact remains unmet. Indeed, despite clear signs of change, there is little optimism about growth – and frequent talk of a lost decade – because slow growth requires a global solution, which has not been forthcoming.
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LONDON – As world business leaders gather in Davos, a long-overdue paradigm shift in monetary policy – subordinating the targeting of inflation to the targeting of growth – is slowly taking shape.