Giving International Finance an Adequate Architecture
At the time of the G20 chair Mexico the volatility in the euro area was posing large risks to overall global growth. The policy responses in advanced economies had not been very successful in fending off market fears and deterioration of confidence. Additionally the international financial organizations were under criticism as there was an imperative need for collective solution for Europe that could not come without consensus at multilateral levels. It therefore comes as no surprise that management of the crisis and furthermore crisis prevention were the key priorities for Mexican G20 presidency. We accompanied this agenda in the course of our meeting, during which participants emphasized the new and changing role of emerging markets, the evolution in the nature of the crisis and the inadequacies of conventional policies.