Pittsburgh is not London

The G20 summit in Pittsburgh won't change global economic and financial policy, the liberal daily Corriere del Ticino fears, noting that it takes place in a climate very different to that in London last April: "Back then the state of emergency produced the 'miracle' of an international community united by the struggle to avoid another Great Depression. … Because the G20 in Pittsburgh is not acting directly under the pressure of the crisis it lacks the aura of a conclave appointed to save the world and runs the danger of ending, like so many other international summits, in the formulation of a series of principles aimed at concealing the conspicuous divergences among the participants. The crisis is not over. On the contrary, in one of its many metamorphoses … today it affects the job market primarily, with a marked rise in unemployment. Even the economic upturn is not of a solid nature: it is effectively the result of tax incentives and expansive monetary policies the likes of which we have never seen before and which above all cannot go on forever."

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