The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and GramercyAs the global financial crisis shook the world, government leaders came to Washington 14 years ago to compare notes and set the stage for policy actions that would pull the global economy back from the brink. Last week, policymakers met in Washington once more with the global economy in rough waters that leaves the poorest most vulnerable to unfolding shocks.
But recognition at the annual meetings of the IMF and World Bank of difficult struggles ahead for so many failed to trigger the global policy momentum seen more than a decade ago.
Many policymakers did share common concerns about a global recession, inflation, debt, financial instability and the lack of proper policy co-ordination.