External imbalances and the G20
In a new Policy Brief, Stephen Grenville argues that the Global Financial Crisis has changed the form of the external imbalances problem, but not removed it.
Rather than see this as a bilateral issue, juxtaposing America’s unsustainable external deficit with China’s unsustainable surplus, the policy agenda should be broadened, to encompass ways of promoting globalisation rather than retreating from it. Next week’s G20 leaders’ meeting provides the forum for a more multilateral approach to policy coordination.
Download the Policy Brief here.