While the concerted policy actions of the G20 countries in the autumn of 2008 prevented another Great Depression, for most advanced economies, the subsequent recovery has been disappointing. At the same time, the crisis and its extraordinary policy responses have left a number of legacies that pose significant adjustment challenges to the international community. In this paper, written for CIGI’s conference, Five Years After the Fall: The Governance Legacies of the Global Financial Crisis, James A. Haley, the Executive Director for Canada to the Inter-American Development Bank, takes stock of where we are, what we have learned and what we need to do going forward. Successfully addressing both short- and medium-term policy challenges requires policy horizons much longer than the myopic orientation adopted by too many, Haley argues, and it will take global economic leadership to secure the cooperation that is needed to strike a judicious balancing of adjustment burdens.
The Short View: The Global Conjuncture and the Need for Cooperation
CIGI Papers No. 14