G20 meeting

The Financial Times is optimistic about the G20 meeting of the advanced and emerging countries slated for November 15 in Washington: "With goodwill and imagination, the G20 leaders can commit themselves to a co-ordinated, co-operative solution to the financial crisis that, day by day, is sweeping across the developing world. That would be a powerful political response to an immediate problem. The alternative, that countries look out for their own interest while the system falls apart, is too horrible to contemplate. ... The G20 meeting will not resolve the intricacies of regulating credit default swaps or introducing new counter-cyclical capital ratios for banks. But it does offer a chance for some of the rich economies to undo some of the damage they have done to global economic co-ordination over the past decade. Determined US leadership for the future will have to wait until a new president moves into the White House in January. The rest of the world cannot allow a vacuum to exist until then."

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