President Obama, with a tired smile, declared his first job of hosting a G20 summit a success, an opportunity to lay the groundwork “for longer term prosperity.”

The main achievement of the global event was the institutionalization of the G20 as the new economic forum for world leaders to provide tighter coordination of their economic policies and an effort to keep imbalances from taking place. The world leaders also agreed to keep their stimulus activities going until their economies recover. And, they agreed to tighter supervision of the financial community.

“Here in Pittsburgh we have taken steps to secure a strong...

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