Lessons From the Recession: Lesson 6—Global Coordination Was Critical to a Speedy Recovery

Given our deeply interconnected global economy, in times of economic crisis, global policy coordination is critical to a recovery. Coordination creates a shared responsibility, encourages the taking of bold action, increases the buy-in of all parties, and produces superior economic outcomes than do countries acting alone. The G20 has emerged from the crisis as the new driver of global economic cooperation, and of collective action and responsibility. Lesson 6: Global Coordination Was Critical to a Speedy Recovery argues that the challenge will be to keep building the effectiveness and credibility of the G20 as an institution, and to rebalance the governance of the IMF, World Bank, and other organizations to reflect the new geopolitical reality without undermining their capacity to provide solid policy advice and financial support.