Turning the Page on an Era of Irresponsibility

The financial crisis has had some silver linings. The international community has rediscovered the importance of international cooperation and multilateral institutions. The International Monetary Fund, in particular, has been called back to centre stage. But despite the good intentions, the comprehensive action plan worked out by an upgraded G20 to rebuild the foundations for sustainable growth and financial stability in the global economy is unlikely to be strong enough to turn the page on the recent era of irresponsibility.