A year ago, many hoped that the November G-20 Leaders ’ Summit in Cannes would be an opportunity to state that the worst was over and that the world economy was on a solid growth path again. Leaders were expected to turn to long run issues to implement their vision of “strong, sustainable and balanced ” global growth. 1 In April, finance ministers already started a discussion of how to monitor key structural variables as a backdrop to a discussion on rebalancing global growth. Today, it is clear that a sense of urgency over the short-term prospects of the global economy has returned. In the United States, growth is weak and the fraction of the population employed is at historical lows. The eurozone is facing an existentia
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