Macroeconomic coordination: what has the G-20 achieved?

G-20 macroeconomic coordination went through three successive phases. In the first one, from Washington to Pittsburgh, the focus was on stimulating the global economy across the board. All countries were requested to contribute, to the extent permitted by the domestic fiscal situation.

In the second one, from Toronto to Cannes, it shifted toward a more complex set of objectives, with the aim of combining continued support for growth, budgetary consolidation, and the avoidance of a resurgence of global imbalances. In the third phase, from Cannes onwards, the focus was on the European crisis and potential contributions to its solution from the rest of the world.

In this note, I give a broad-brush assessment of the priorities and achievements in the three phases, before offering a few conclusions on the overall performance of the G-20.