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It may not have been coordinated fiscal stimulus, or the forceful, comprehensive and well-communicated actions that both Lagarde personally and the IMF argued for, but it was cool. In the words of Kevin Carmichael from the Centre for International Governance Innovation, this reflects how Hangzhou was a missed opportunity to do something meaningful for the economy in the short term.

My own immediate take was that the summit was a big show – but not a smooth one – and that unfortunately it will further cement the G20’s reputation as a “talk shop”. The narrative about the G20 as “good during the crisis” but less relevant over time will...

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