A light in the darkness

We look at press comment on the Group of 20 meeting in Washington, where the heads of 20 countries met to discuss a new economic order.

Financial Times

Nothing is harder than to determine the historic significance of events when they are happening. Yet the meeting of the heads of governments of the Group of 20 in Washington at the weekend looks as historic as the crisis it responds to. It might even prove the one bright light in the gathering darkness.

While the G20 contains countries of small significance, it does include all important advanced and emerging countries. The fact that this group could meet and commit itself to a substantial agenda and another meeting in April 2009 shows belated recognition of the shift in the balance of economic power.

As important is the consensus on the roots of the crisis and what needs to be done. On the former, the communiqué recognises not just the failures of the financial system itself, but also the underlying mistakes in macroeconomic policies. On the latter, it stresses two imperatives: strong and co-operative action to stimulate the world economy and maintenance of the open economy on which all depend. ...