Macroeconomic Stability And Financial Regulation: Key Issues For The G20

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Executive Summary

As the financial crisis deepens, the temptations for each individual country to free ride increase and the need for coordination becomes more evident. The London Summit on 2 April should play a key role in generating such a coordinated response, by offering concrete, implementable results that can restore confidence and lead the way to recovery. Sound economic analysis is essential in designing this response, but delivering this analysis is a formidable challenge. It requires, first, a rigorous analysis of the key features of the financial crisis using the latest empirical evidence; and second, careful use of the theory and empirics as the basis for policy recommendations.

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