The Global Economy’s Dialogue of the Deaf
As governments try to coax the world economy out of recession, the danger of protectionism is emerging in ways not foreseen by the founders of our existing global institutions. We need a moderate-sized representative group of leaders of the world’s largest economies to meet regularly to discuss such issues, informed by analyses from an impartial secretariat.
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CHICAGO – As governments do more to try to coax the world economy out of recession, the danger of protectionism is becoming more real. It is emerging in ways that were unforeseen by those who founded our existing global institutions. Unfortunately, the discussion between countries on trade nowadays is very much a dialogue of the deaf, with countries spouting platitudes at one another, but no enforceable and verifiable commitments agreed upon. There is an urgent need to reform global institutions – and more dramatically than envisaged by the G-20 thus far.