Those who believe that “governments can wave a wand and stop a global financial panic,” said The Wall Street Journal in an editorial, might be disappointed in the weekend’s G7 meeting. But “for everyone else, it should be considered progress.” Unlike in the Great Depression, the finance ministers of the world’s top economies recognized we're in this together and agreed to five principles to get us out of this mess.
Despite the “generality of the pronouncements,” said the Economist online, “something was accomplished” at the summit—notably a commitment to recapitalizing banks. European leaders took that one step further, pledging to insure new bank loans. And there’s also a growing consensus toward “partial nationalization of banks.”
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