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A Financial Agenda for India’s G20 Presidency

Modern international financial problems have been studied intensively since the Asian financial crisis of the 1990s, and there is now a surprising degree of consensus among economists and policymakers. While the G20 may not be able to achieve much in a divided world, there is a well-defined and viable agenda it should pursue.

BERKELEY/NEW DELHI – On December 1, India assumed the presidency of the G20. It is not exactly a propitious time to take on the role. A global economic slowdown is coming. The war in Ukraine continues to upend energy, food, and commodity markets. The climate crisis looms. Mounting US-China tensions threaten to throw a wrench into global trade and investment.

Not even the best-prepared G20 presidency could address the totality of these problems. Uncertainty and international division are bound to hinder efforts in many areas.

But modern international financial problems are an exception. They have been studied intensively since the Asian financial crisis of the 1990s, and there is now a surprising degree of consensus among economists and policymakers. No, we’re not kidding. There actually is a well-defined agenda for the Indian presidency to pursue.

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