Macroeconomic coordination: what has the G-20 achieved?
G-20 macroeconomic coordination went through three successive phases. In the first one, from Washington to Pittsburgh, the focus was on stimulating the global economy across the board. All countries were requested to contribute, to the extent permitted by the domestic fiscal situation.
In the second one, from Toronto to Cannes, it shifted toward a more complex set of objectives, with the aim of combining continued support for growth, budgetary consolidation, and the avoidance of a resurgence of global imbalances. In the third phase, from Cannes onwards, the focus was on the European crisis and potential contributions to its solution from the rest of the world.
In this note, I give a broad-brush assessment of the priorities and achievements in the three phases, before offering a few conclusions on the overall performance of the G-20.
Related content
An investment strategy to keep the European Green Deal on track
In this Policy Brief, we assess the investment needed to achieve the 2030 climate goal and climate neutrality by 2050
The EU Needs a Strong Clean Industrial Deal
The European Union must implement a new Clean Industrial Deal that promotes decarbonization alongside sustainable growth and industrial development
Barnier’s balancing act: a skilful but precarious budget plan
The French government’s proposal to make the deficit manageable carefully balances different objectives but leaves tough choices for the future
