The G-20 Gets It But Is Unlikely to Act

The Group of 20 meeting last weekend received only light coverage from the press and market analysts. Imagine my surprise when I read the content-heavy 48-paragraph statement issued at the conclusion of the gathering by country leaders. Either few took the trouble to read the communique or, more likely, its contents were dismissed as wishful thinking that wouldn't be implemented any time soon.

Although it contains the obligatory reassuring words from global economic leaders, the communique makes clear that they are not satisfied with the recent pace of growth and the prospects for the future. They neatly identify the principles that would underpin better global economic performance, such as inclusiveness, integration, openness and a proper vision for growth. And they acknowledge the need to make globalization work better, and for a lot more people.