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Questo articolo è stato pubblicato il 05 novembre 2010 alle ore 16:31.
NEW YORK – The world’s economies are becoming more interdependent than ever, but economic nationalism, protectionism, and beggar-thy-neighbor attitudes are threatening the bonds of trust and cooperation that a truly globalized economy requires.
To prevent another recession or worse, the leaders of the 20 wealthiest nations must take aggressive action at the semi-annual G-20 summit in Seoul to develop a broad agenda for more balanced, equitable, and sustainable global growth – and to oversee its strict implementation.
Five principles should guide their thinking. First, although differences on trade and economic policy must be addressed, short-sighted self-interest must be countered actively. Excessive surpluses in some countries and excessive debt in others, fueled by undervalued currencies and runaway government spending, respectively, must be curbed. Countries must commit not to withhold exports of key natural resources for political reasons, and to doing all they can to maintain and promote open markets based on principles of reciprocity and long-term sustainability.
To make this happen, all major players must remain committed to free trade within the context of a fair and equitable global system, and they must communicate this commitment respectfully, forcefully, and repeatedly to their own publics. As the two most significant global trading powers, the United States and China, especially, must fight tendencies in their own countries to raise hidden barriers or take inappropriate retaliatory action designed to placate domestic public opinion. All economies must address the domestic dislocations that can accompany the freeing up of markets.
Second, much stronger efforts must be made to move forward with multilateral trade agreements, particularly by completing the Doha Round of trade negotiations. Although the proliferation of bilateral trade agreements around the world is a positive development, the global economy will suffer enormously if these deals end up coming at the expense of comprehensive agreements, which can do exponentially more to foster global growth.
Third, in the context of an increasingly interdependent global economy, all countries’ monetary and fiscal policies must be better coordinated. The G-20 must do far more to harmonize economic and trade policies across countries and continents to catalyze global growth. Unnecessary barriers to cross-border capital flows and direct cross-border investment must be eliminated as economies become stronger.
