European Parliament Library

The G20 meetings, no common framework, no consensus /, Michael Pettis

The G20 meetings, no common framework, no consensus /, Michael Pettis
unknown if item is government publication
index present
Literary Form
non fiction
Main title
The G20 meetings
electronic resource
Nature of contents
Oclc number
Responsibility statement
Michael Pettis
Series statement
Policy brief Carnegie Endowment ;, 79
Sub title
no common framework, no consensus /
Europeans believe that the root cause of the crisis was excessively deregulated financial systems, and they are skeptical about U.S. and Chinese calls for fiscal expansion, worrying that excessive spending would prolong the imbalances and make the ultimate adjustment more difficult. China also believes that the roots of the crisis lie within the structure of the global financial system, although Beijing insists that it was mainly the reserve status of the U.S. dollar that permitted imbalances to develop to unsustainable levels. China is particularly vulnerable to trade protection and seeks to maintain open markets for its continued export of domestic overcapacity. Like the United States, it is pushing for more aggressive, globally coordinated fiscal expansion. However, because of rigidities in its financial system and development model, its fiscal response to the crisis may exacerbate the difficult global adjustment and may, ironically, increase the chances of trade friction
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