The coordination of economic policies seems a thing of the past, yet it’s something globalisation dearly needs.
Germany has dedicated its presidency of the G7 this year to “Think Ahead. Act Together”. Indeed, the more you think ahead, the more obvious it seems to be to act together.
Europe and the United States have been through the worse recession in more than a generation, and the political fabric is stretched on both sides of the Atlantic. Meanwhile, geopolitical constellations are shifting, partly as Russia — unpleasantly — has redefined its post-Cold War modus operandi by introducing military force, partly as several emerging markets, including China, and India, gain geopolitical prominence from years of spectacular growth.
And yet, coordinating economic policies, even among like-minded countries with shared values in the G7, seems harder than ever. Thirty years ago, the Western world went through a relatively difficult period following the oil price hikes of the late 1970s. The US in particular was struggling with a recession and upward pressure on the dollar as petro-dollars were recycled back into the US, contributing to what was seen as an excessive current account deficit of 3.5% of GDP.
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