Thursday, 1 September 2011

A Year Out of Date?

From Cormac Hollingworth at Left Foot Forward:
Today Ed Milliband called for an emergency meeting of the G20 in September, to restart the global recovery from a co-ordinated collapse in demand around the world. His call is backed up by an important year-long project undertaken by the IMF to outline an upside and downside for the world economy over the five years.
The IMF project is the Mutual Assessment Process (MAP). As far as I can tell the support is that the IMF found a scenario where alternative policies would be beneficial. The bit quoted by Cormac is this [pdf]:
[Its] well-designed, collaborative policy actions across the G-20 would produce better outcomes for all, including significant strides in global demand rebalancing.
So the MAP calls for "collaborative policy actions" by G-20 members. That's what Ed is calling for so the IMF support him.

Only problem I can see is that the bit Cormac quotes is from the first stage of the MAP process. The same report he cites then goes on to say:
The key take-away from the first stage of the MAP was that well-designed policy actions by the G-20 could increase growth, create more jobs, and reduce poverty across the world. As a result, G-20 Leaders reaffirmed their commitment to the MAP and agreed to identify policies that could bring everyone closer to the upside.
This set the stage for next phase of the MAP. At the Seoul Summit in November 2011 [should be 2010]...
It looks like the IMF report that backs up the need for collaborative action resulted in that collaborative action almost a year ago. I'm confused as how to that can now support Ed's call for different collaborative action.

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