among the heroes of the global financial crisis eleven years ago, the leaders of the world gathered in Washington in November 2008 to respond to the collapsing markets. They discussed fiscal and monetary policy measures to support the economy. You promised reforms of the financial markets and funds in support of the emerging countries. They even refrained from using protectionism and committed themselves to accelerate negotiations on the free trade.

No significant response in the view

What is likely to scare the markets these days the most, is the realization that there is no Plan – and no one takes responsibility. There has been very little coordination on how Covid-19 can best be contained. About the author:

Dr. Christopher Smart is the Chief Global Strategist & Managing Director of Barings Investment Institute.

There was no discussion about a financial or economic response except for a weak statement of the G7 Finance Ministers and Central Bank governors last week. Even worse is that Russia and Saudi Arabia seem to use the global shock to her tight Oil-to advance an Agenda.

The markets reacted in 2008 to the G20 Meeting, which President George W. Bush hastily convened, but there was a clear feeling that the political decision-makers all moved in the same direction. On a later summit, more concrete measures have been taken, including new state expenditures, meetings in Pittsburgh and London, a coordinated effort to stabilize the financial markets, better Bank regulation and additional resources for the International monetary Fund and the world Bank.

It was an important part of restoring confidence in the markets, which had literally lost the orientation, and within a few months prices began slowly to rise steadily again.

G20 suffers from differences between the members

today, The G20 is operating in a very different context. Their two largest economies have begun despite the recent ceasefire, an escalating trade war. The European Union has just lost its second-largest economy. Japan's weak growth and inflation rates, all other shiver. Not to forget

the games between Moscow and Riyadh. In another time, one might expect that Washington gives, but those days are long gone when you consider how far the relations with Russia have deteriorated. In fact, it seems as if President Vladimir Putin could use the Coronavirus-shock, at least partially, in order to damage the U.S. shale oil sector, to support energy independence for America.

In many ways, reminds today's world of financial turmoil before the Great Depression, as the short-sightedness and sharp elbows between the largest economies in the world, triggered a collapse of the gold-based monetary system that no one really intended them to be. Of course, the danger of a military conflict appears a hundred years later, quite different, but the feeling of disorder is increasing.

governments terminate only action-flick carpet

It seems old-fashioned and a bit pointless to be calling for more "leadership" that could inspire selfless acts of cooperation, however: What if the G20 governments would be convened health Ministers to discuss mitigation strategies to exchange? The ability of China to isolate important mega-cities, cannot be applied in Europe or the United States, but Japan and Korea have done something right, because the infection rates there to stabilize.

The governments have announced a patchwork of fiscal measures to respond to the economic shock caused by the Virus, and the Federal Reserve Bank was the most important Central Bank, has lowered interest rates. With the SCC-exchange of letters next to values, and in the short term and the long term Top return on investment! (Partner quote) Here is an exclusive 30-day free trial!

but it Would be nice if the Finance Ministers and Central Bank chiefs would initiate a period of intensive consultations in order to coordinate their reaction? In the seven-page communiqué of its Ministerial meeting, from the 24. February is mentioned "the risk monitoring, also of the recent outbreak of COVID-19".

Good will of the policy, the shortage of

is his commitment to free trade could be a part of the new negotiation paradigm of the U.S. government. What would happen if the USA and China would abolish the remaining tariffs, at least temporarily, to the shock of the Virus to cushion?

In the world from 2008 to the late stages of the Cold war, the effects still. Washington spoke of a realignment of relations with Moscow. The West welcomed the efforts of China to bring the world economy back on track. This good will is in short supply now.

perhaps The biggest hurdle for a rapid revival of the G20 is that Saudi Arabia, which has plunged the world energy markets in turmoil, is hosting this year. The Tradition says that the host is shaping the agenda and the Meeting convenes, Washington, or Tokyo – or any other – could get the Ball rolling.

It didn't need much to suggest that someone takes responsibility.

see also: consequences of the Corona-crisis - Economists expect Germany, the "hard economic downturn" real-time map shows the Corona-dissemination - more than 45,000 people were being healed, again, FOCUS Online/Wochit lung disease Covid-19: real-time map of the Corona-dissemination - more than 45,000 people shows a re-healed