Our fortunes are shaped more by deep impersonal forces than by the individuals, but there are moments when leaders can seize an opportunity to tilt the course of events — or miss it. This week is such a moment.
The world’s finance ministers, central bankers and heads of the main international economic institutions are gathering in Washington for the World Bank and IMF annual meetings. Meanwhile, EU heads of governments will hold a European Council summit in Brussels.
Such congregations most often involve incremental decision-making at best. But occasionally they feature important resolutions, or signals of collective commitment to a particular policy direction, that can reset the expectations that guide economies and markets. An example is how the April 2009 G20 summit in London helped to launch the post-crisis recovery by vowing to pursue expansionary macroeconomic policy and avoid protectionism.