The world's financial governance structures are in need of a comprehensive overhaul. The G20 ministers met over the weekend, and produced this document, which says, in effect, we'll try really, really hard to do something, m'kay? You find steaming phrases like this:
We will: Continue our vigorous efforts and take whatever further actions are necessary to stabilize the financial system
The short term todo list is vague, vanilla stuff, sadly, with no real changes mooted other than inclusiveness with developing nations, but that was a given (remember, this used to be the G7. How long before it's the G168?). The core recommendations are to do whatever we are doing right now, but harder, faster, and, eh, harder. And faster, 'cause, like, this is important, yeah?
Watch for the next G20 meeting at the end of April---will the language have changed? Will the tone be substantially altered? Will there be the sweeping reforms people like Robert Shiller, Paul Krugman, and others have called for?
Or will we just wait for Obama to save us?
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