The G-20 summit held in March 2009 received positive press but may have done more harm than good. While countercyclical fiscal policy and additional IMF resources were discussed, most plans could have been implemented without a summit. Further, the summit's vague calls for fiscal stimulus may provide cover for countries to increase spending. However, the real fiscal responses have been small, with China doing the most but still having a small global impact. The summit also failed to significantly increase IMF resources despite indications more borrowers will need help. The regulatory agenda is also concerning as it mandates immediate tightening which could further slow credit during a recession.
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