We cannot wait or another crisis to cooperate

Not excessi e triumphalism on the "out o the crisis" in Pittsburgh. And or good reason! While welcoming to ha e a oided the worst - that the recession turns into depression - and despite the prediction o the IM global growth o 3 at the end o 2010, the G20 leaders know that a ull reco ery is still ar rom being acquired. This is why the inal release, at the urgent request o Beijing, stressed the need to "maintain a policy o strong stimulus to what a sustainable reco ery is guaranteed".By promising to a oid any "premature withdrawal o stimulus", members o the g-20 also committed to the creation o "jobs" in the heart o the reco ery while preparing the transition towards a more balanced global growth model.

"Our stimulus plans coordinated played an essential role to a ert catastrophe (...)". But this is not enough. We cannot wait or another crisis to cooperate. "The new ramework will help each o us to e aluate the policy o the other and to build consensus", launched Barack Obama at his inal press con erence.

The role o the strengthened IM

Main inno ation: the release o the g-20 pro ides that this process o mutual e aluation is carried out under the super ision o the IM , whose coordinating role is strengthened. In addition, the g-20 is committed to work or the reduction o macroeconomic imbalances between countries with high current de icits and those with signi icant monetary surplus, such as China, with its 2,000 billion in oreign reser es.

The "roadmap" G20 on growth partly re lects the will o Beijing and Washington to put reduction o "global imbalances" between ad anced countries and emerging in the heart o the strategy o "exit o crisis".

While Europeans are rather ocused on bonuses and the ight against tax ha ens and the Americans on the inancial regulation, the priority o Beijing is maintaining the reco ery e ort. A year a ter launching a massi e 4,000 billion yuan (450 billion euros) reco ery plan, or 7 o GDP o er two years to promote domestic demand, the Chinese President, Hu Jintao, has urged its partners in the G20, in Pittsburgh, not too soon release their reco ery e ort. " ull economic reco ery will still take a long and tortuous path." "Our priority task is to stop the global inancial crisis and promote a healthy global economic reco ery," insisted the Chinese President. In addition, aced with the persistent weakness o the dollar, China, which holds 70 percent o its reser es in dollars, strongly encouraged issuers reser e currency countries to take into account the impact o monetary policies on their own economies and the global economy"to strengthen the stability o inancial markets.

In the wake o the decision by Washington to impose new rights o customs duties on imports o Chinese tires, Hu Jintao also urged its partners to reject "protectionism in all its orms" and to reduce the serious imbalances world between countries consumers and sa ers. the inal communiqué o the g-20 shows that it was in principle agreed, at least on the need to maintain and coordinate the reco ery e ort.