It is ten days until the London summit I said on my way into the European Council last Thursday that there was a media debate and a real debate about the contents of the conclusions. The media debate is that there is a great Euro-American falling out over whether better financial regulation or fiscal stimulus is needed. The truth is that there needs to be both and no leader now denies it.
I see a graduated series of proposals - from the detailed to the exhortatory. On financial regulation the Washington summit established four working groups to look in detail at 47 different regulatory issues. That detailed work will be brought to London for some decisions. But the agenda has been broadened by the Pirme Minister to reflect that this is an economic crisis not just a financial crisis.
In interviews with journalists especially from the emerging countries and developing world I have been struck by the extent to which the fact of the summit's broad agenda and their leaders' participation is seen as a chance to rebalance economic policy and who it serves. On trade it is striking to hear Brazilians and Africans talk with passion about the importance of increased trade to fighting the crisis. One day cant solve everything but it can introduce a dynamic of practical reform.
Posted at 18:16 23 March 2009 by David Miliband | Comments[0]
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