We live in a world where complex challenges require collaborative, global responses. When countries fail to cooperate on pressing global issues such as economic crises and financial meltdowns, they can fuel the fire rather than extinguishing it. And when the symptoms of a crisis are treated in isolation, the risk of contagion spreads.
To coordinate a response, national leaders need to talk with each other and adopt suitable strategies. Global summits like the G20 (Group of 20) are one venue where such discussion can take place. But these summits can amount to high-level talking shops if words aren’t translated into concrete actions.
And without committed action and enforcement, common global ambitions fall flat. Stolen assets stay hidden rather than being recovered, dirty money continues to be laundered and financial managers are tempted to return to their reckless ways rather than playing a part in building a sustainable global economy. The solution?