The global financial crisis of 2008-2009 elicited an unprecedented level of coordinated actions by Governments and central banks around the world. By avoiding many of the mistakes made during the Great Depression of the 1930s, policymakers planted the seeds of recovery for the global economy. That recovery has lost much of its momentum, however, especially because of continued weaknesses in the developed economies, where unemployment rates remain high. To make matters worse, Governments are withdrawing many stimulus measures and the cooperative spirit has been waning. Finger-pointing about who is to blame for the recent slowdown, the global imbalances and exchange-rate instability has become the name of the game.
