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Can the G20 have it both ways? (September 2009)

Rethinking Bretton Woods | Fri, Oct 2, 2009

Can the G20 have it both ways? (September 2009)

One of the main achievements touted by the G20 at their recently held Summit in Pittsburgh was agreement on a “Framework for Strong, Sustainable, and Balanced Growth” with the intention of leading to a correction, and preventing future recreation, of imbalances between countries with high current account surpluses and those with high current account deficits. This article argues that the G20’s attempt to do this without a substantial reform of the reserve and monetary system that has led to the current crisis will render the effort meaningless.