04/04/2009 1:14:44 pm
G20. Many have commented the G20 meeting, and I didn′t really find the time to. Let me just say that the clear language against protectionism is welcome, but this time it has to be followed by corresponding action. The focus on making banking and financial markets work again - and the large increase in resources for the IMF - is very welcome. Positive is also that the US idea of huge spending increases and bigger deficits received very limited support. The main harmful item of the deal is the crack-down on so-called tax havens. They had clearly nothing to do with creating the crisis - this is just some governments that want to limit tax competition.