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Can the G7 Save the Market?

By experts and staff

Published
  • Benn SteilCFR Expert
    Senior Fellow and Director of International Economics
  • Dinah Walker
    Analyst, Geoeconomics

The Federal Reserve has announced a series of extraordinary measures to unclog credit markets. However, credit markets remain frozen, and as the graph above indicates, the equity markets have responded negatively. The continued credit market freeze points to a need for strong policy action. The following articles discuss a possible role for international coordination through the G7 and IMF.

Baldwin, Eichengreen: Rescuing Our Jobs and Savings (VoxEu.org)

Bergsten, Subramanian: Globalizing the Crisis Response

Buiter: The Case for a Coordinated Rate Cut

Alesina et al: Europe’s Banking Crisis Needs a Common Solution