CHAPTER 12

Time to Adjust, Though

Historically, international cooperation has been built on economic and financial cooperation. The institutions of 1944– 1945 still stand as proof of this. More recently, the creation of the G20 showed that, in the event of an emergency, the global community still knows how to cooperate. The emergency, as it happens, was the financial catastrophe of 2007–2008, to which the world responded by strengthening the G20, made up of ministers of finance and central banks and itself created to respond to the 1997 Asian crisis, with a G20 made up of heads of state. The scale of the crisis called for a commitment from our top leaders. While this institutional innovation was later claimed by multiple leaders, in truth a first ...

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