CIGI Commentaries, February, 2012
Refuting Hegel? Striking the Right Balance between Financing and Adjustment in International Adjustment
In 2008-2009, when confronted by the gravest global economic crisis in 80 years, G20 governments and their central banks responded promptly and appropriately by providing ample liquidity to financial markets, avoiding pro-cyclical fiscal policies and resisting protectionist trade measures that would invite retaliation.
The recent ministerial meeting held in Geneva in December, demonstrated that while the Doha Round may be dead, the World Trade Organization (WTO) is resilient, but changed as an organization. In fact, the meeting surprised many hardened observers by producing some tangible deliverables .