This week’s G-20 summit was “the diplomatic equivalent of speed dating” and did little but take more money from debt-laden countries, David Malpass writes in an editorial for the Wall Street Journal today.
Malpass, who served as Deputy Assistant Treasury Secretary under President Reagan before becoming chief economist at Bear Stearns, says the problems plaguing global growth are national in nature, and no international summit or program will fix them.
From the editorial.
The obstacles to global growth in 2012 are clear and need to be addressed in national capitals, not in summits. Europe’s policy initiatives are probably the most urgent. Europe’s growth focus should be maintaining the euro and setting up decisive mechanisms to reduce borrowing costs while governments sell assets, downsize and remove private-sector obstacles.
Malpass cites the United States’ fiscal cliff and corporate tax rate, Japanese deflation, and a slow Chinese monetary response to its downturn as other issues holding down global growth.
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