標題:G20 marks a shift in economic power Published: November 16 2008 19:37 | Last updated: November 16 2008 19:37 Nothing is harder than to determine the historic significance of events when they are happening. Yet the meeting of the heads of governments of the Group of 20 in Washington at the weekend looks as historic as the crisis it responds to. It might even prove the one bright light in the gathering darkness. While the G20 contains countries of small significance, it does include all important advanced and emerging countries. The fact that this group could meet and commit itself to a substantial agenda and another meeting in April 2009 shows belated recognition of the shift in the balance of economic power. As important is the consensus on the roots of the crisis and what needs to be done. On the former, the communiqué recognises not just the failures of the financial system itself, but also the underlying mistakes in macroeconomic policies. On the latter, it stresses two imperatives: strong and co-operative action to stimulate the world economy and maintenance of the open economy on which all depend. If we have learnt anything from the catastrophe of the 1930s it is the importance of avoiding beggar-thy-neighbour policies, particularly protectionism. Fortunately, at the rhetorical level, the leaders seem to understand that they must hang together or hang separately. The commitment to completion of the Doha round may even be real. More important will be strong action to reduce external imbalances, particularly by large countries with huge current account surpluses. Furthermore, the leaders have set their finance ministers a set of tough objectives, to be carried out by the end of March 2009. These include: mitigating against pro-cyclicality in regulatory policy; reviewing global accounting standards; strengthening derivatives markets; reviewing compensation practices in financial institutions; and reviewing the mandates, governance and resource requirements of international financial institutions. Moreover, the leaders also agreed to broaden the membership of the financial stability forum. The agenda is ambitious, as it has to be. The world confronts huge dangers. It must now minimise the scale of the slowdown and create a more robust economic and financial regime. It can only achieve these objectives if all significant countries co-operate. It is a point the incoming Obama administration, attracted by the lures of protectionism, must note. If the world works together, it can yet emerge healthy from this crisis. If it does not, no government, however powerful, will be able to deliver on its promises. It is as simple – and brutal – as that. Copyright The Financial Times Limited 2008 http://www.ft.com/cms/s/0/78548fb8-b411-11dd-8e35-0000779fd18c.html 新聞來源: (需有正確連結) -- --

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