It is expected these days that a meeting of the Group of 20 leading industrialised nations will be a damp squib. This weekend’s gathering in Shanghai was no exception.
But when even the International Monetary Fund and the OECD forum put diplomacy aside to warn of flatlining global growth and urge fiscal spending to boost demand, it is surely time for the world’s finance ministers to get their act together.
The lesson of the global financial crisis of 2009 is that, when the G20 gets going, it can act in a decisive and co-ordinated way. However, we should not have to wait for the crisis to hit before our financial leaders take the action needed to deal with it.
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