I think it was significant that G20 finance ministers and central bankers in September emphasized that monetary policy alone couldn’t achieve satisfactory economic growth. That said, a year after the G20 pledged to boost GDP, global growth actually slowed. Global institutions also apparently saw no need to even explain the chaotic monetary policy that came with the start of 2015. Confusion reigned, and global leaders did nothing about it.

The G20 appears to have effectively held the line on trade barriers and may even deserve some credit for avoiding a currency war. Recent G20 meetings appear to have quieted complaints about the Fed’s policies and doubts about China’s intentions. APEC appears serious about making sense of all the overlapping regional trade agreements. The Bali package notwithstanding, the absence of an obvious agenda for the WTO remains a negative.

Every major economy is talking seriously about climate change, which should count for something. India and Indonesia took advantage of lower oil prices to end fuel subsidies. The U.S. and China don’t agree on much, but they chose to make a statement on climate. Alberta elected a government that plans to be tougher on carbon emissions. All of this is happening in the backdrop of work by the UN, the IMF and the World Bank.