The members of the G8, G20 and other nations all have their own interests, the way these competing interests come together will ultimately determine the strategic direction of the global economy. Here is a simplified summary of the national priorities of eight key players:
Canada: Sustainable global growth, avoiding a bank tax, and the stabilization of government debt particularly in Europe.
The United States: Slow the global removal of fiscal stimulus to protect the recovery.
The European Union: Financial reform regulation, (bank tax and IMF reforms), fiscal sustainability and growth.
China: Ward off protectionism.
Japan: Avoid a bank tax, and free trade.
Russia: Medium-term European fiscal sustainability and preserving the recovery.
Brazil: More rights within the IMF.
India: Greater representation in the IMF and opposition to a bank tax.
Competing national interests will make it difficult to find agreement. The need for economic stewardship demands that our leaders look beyond local and regional interests to forge the basis of a consensus.
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