Transcript
ESWAR PRASAD: Let’s start with the remarkable fact, as you pointed out, that it is the G-20 that is meeting rather than the G-8 to deal with an international financial crisis. And this is truly important because it means that countries like China, India and Brazil, which always deserved a seat at the table, have now just joined the table.
The big issue is whether they have the influence that goes with it, and I think that will require a much more substantive change in both the way the major economies of the G-8 deal with these economies, bring them into the decision-making process, and particularly in the context of international institutions like the IMF, actually allow them to have much more of a say.
But if they’re going to have a say, the question is, what can be done by this group together? Having the G-20 leaders here and the very senior leaders who have come here stand together I think has very important symbolism, and the symbolism is important because one of the issues we’re dealing with right now, it’s not just the collapse of real economies and the financial sector in certain economies, but a generalized collapse of confidence, and having these leaders stand together, I think that’s a very powerful symbol that these leaders are ready to do something and throw what they can at the problem.
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