The Group of Twenty industrialized and emerging market economies (G-20) has broken new ground over the past year or two. It has embraced the type of collaborative approach to policy design and review that is well suited to today’s interdependent world, where policies in one country can often have far-reaching effects on others. In this spirit, the backbone of the G-20’s “Framework for Strong, Sustainable, and Balanced Growth” is a multilateral process that includes a ‘mutual assessment’ of their progress toward meeting shared objectives. But, what exactly will this G-20 Mutual Assessment Process—or “MAP”—imply in terms of prospective actions? And what have we learned so far?
Filed under: Advanced Economies, Economic Crisis, Emerging Markets, Financial Crisis, G-20, Globalization, IMF, International Monetary Fund, Multilateral Cooperation | Tagged: advanced economies, alternative policy scenarios, balanced and sustainable growth, collective action, emerging economies, financial crisis, financial sector intervention, fiscal consolidation, G-20, G-20 MAP, G-20 mutual assessment process, global financial linkages, global recovery, Hamid Faruqee, Krishna Srinivasan, macroeconomic frameworks, macroeconomic stimulus, policy challenges, policy coordination, private demand, public debt, rebalance global economy, structural reforms, supply constraints, sustainable growth, unemployment | 18 Comments »
