As the G-20's meeting in Washington showed, today's global economic crisis is unique and potentially overwhelming. And how we address it will be a crucial test of the global solidarity that we will need to address other serious challenges - unacceptable levels of poverty and hunger, the food crisis, climate change - that we cannot afford to ignore.
WASHINGTON, DC – The world does not need to be reminded of the urgency of this historical moment. We sense it every day in the news. One day a major bank, insurance company, or automaker announces a record loss. The next brings word about the impact on nations and peoples least able to cope with these blows – the poorest of the world’s poor.
During the last two years, I have dealt with many crises, from Darfur and the Democratic Republic of Congo to such global challenges as the food crisis and climate change. But the financial crisis is unique and potentially overwhelming.
What was a purely financial crisis has become an economic crisis, spreading across the globe. Every projection of growth has been revised downward. And while there are signs that mature economies are recovering from the panic that froze credit markets, we are by no means beyond the danger zone.
To continue reading, please log in or enter your email address.
Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.