Word: globalization
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Dates: during 2000-2009
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...Angela Merkel has said she does not want to be bogged down by "artificial discussions" of fiscal stimulus, and like many of her peers would prefer to focus on fashioning a new regulatory structure to make sure the excesses and abuses that precipitated the crisis don't threaten the global financial system again. Other European leaders have also voiced skepticism over new discretionary-spending plans, arguing in part that the social safety net in Europe will automatically increase spending to handle much of the downturn...
...growth is restored." At the same time, White House aides have been arguing in recent weeks that the glass is half full, and that the real test will come only if a second round of stimulus efforts is needed. "There's been an unprecedented coming together around stimulating the global economy," says Michael Froman, one of Obama's top international economic advisers. In other words, the battle over the size of economic stimulus will be mostly fought later, when economists have a better handle on the state of the economy and how much additional stimulus is needed...
...might say the same has happened to the global economy. In the hangover of a credit binge fueled by about a trillion too many real estate dreams, the International Monetary Fund (IMF) predicts that this year will be the first since 1945 to see a contraction in world economic output. The London summit is designed to both ameliorate the present crisis and try and head off future ones. (See pictures of the global financial crisis...
...Reform of regulatory regimes. The crisis has made plain that the global economy is now so intertwined that a collapse of a financial institution in one country can have a knock-on effect around the world. The summiteers will discuss global regulation not just of conventional commercial banks, but also of other parts of the financial system like hedge funds - a key European demand. They probably won't get far - this time...
...Avoidance of protectionism. World trade, which has been the essential driver of poverty-relief in much of the world, especially in Asia, is contracting faster than the global economy as a whole. When they met in Washington last November, G-20 leaders pledged to set their faces against protectionism and to revitalize the moribund "Doha Round" of talks on world trade liberalization. Since then, says the World Bank, no fewer than 17 of the G-20 member nations have adopted a variety of protectionist measures - and there's no sign of any movement on reviving the Doha talks. The summiteers...