Talk comes cheap to political leaders across the world. So it was at the meeting of the finance ministers of G-20 nations in England. The steps they have recommended for the 2 April summit of G-20 national leaders are breathtaking in scope.
Apart from a slew of regulatory measures designed to enhance transparency in the functioning of hedge funds and other financial institutions, the G-20 ministers also pledged to continue fiscal and monetary measures to tackle the crisis.
The question is: Will these efforts bear fruit? They might.
Instead of arguing for supranational entities (such as enlarging the scope of the financial stability forum) that would exercise control over national economic policies, the G-20 leaders realize that coordinated national actions are the best bet for the global economy.
A lot, however, depends on the detailed map that G-20 leaders draw. As always, it is in the drawing of the details that disagreements surface. One hopes the G-20 leaders will make an exception for the sake of the world.